Max Petroleum sells 51pc stake to Assaubayev family investment arm
Max Petroleum, which started a strategic review of its operations last week, said it had sold a 51pc stake in the company and raised £37.1m.
Shares in the Kazakhstan-focused company rose as much as 32pc in trade and were the top percentage gainers on the London Stock Exchange on Monday morning.
The strategic review will remain ongoing and Max is still open to a sale of the company, it said in a statement.
Max Petroleum said AGR Energy, an investment vehicle of the Assaubayev family, had acquired 2.26 billion new shares in the company at 1.64 pence per share, a 33.9pc premium to the stock's Friday close.
The strategic review followed a tumultuous few months when Max slashed its full-year production target, implemented cost cuts and saw large shareholders, UBS Investment Bank and Henderson Global Investors, drastically reducing their stake in the company.
The London-listed company said it would appoint two nominees of AGR Energy, Aidar Assaubayev and Kanat Assaubayev, to its board by the end of this year.
Shares in Max Petroleum were trading up 20.8pc at 1.49 pence at 0856 GMT.