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Zhaikmunai share issue oversubscribed - source

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From the Financial Times

India’s great newspaper battle

MOSCOW, July 16 | Thu Jul 16, 2009 5:28pm IST

MOSCOW, July 16 (Reuters) - Kazakh oil company Zhaikmunai's (ZKMq.L) $300 million placement of Global Depositary Receipts, due to close on Thursday, has been oversubscribed, a source close to the placement said on Thursday. "The book is full and it is oversubscribed," the source said. "The market price is a guide (to the placement price)."

Zhaikmunai's GDRs closed at $4.25 in London on Wednesday. The source said around half the issue would be purchased by a single European investor. (Reporting by Olga Popova; writing by Melissa Akin)

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