Kazakhstan's JSC KazMunaiGas Exploration Production will repurchase up to 1,905,209 shares at a price of 12,800 Kazakhstan tenge each, according to an Aug. 13 news release.

The price represents a premium of 24.4% to the 30-day volume-weighted average price of preferred shares of 10,292 Kazakhstan tenge as of Aug. 10. The repurchase program, which was approved by the company's board of directors, will run through Nov. 16.

KazMunaiGas EP is a subsidiary of the state-owned KazMunayGas, which is involved in the exploration, production, refining, and transportation of hydrocarbons in the Republic of Kazakhstan and internationally.

As of Aug. 13, US$1 was equivalent to 363.8 Kazakhstan tenge.