OREANDA-NEWS. September 21, 2011. BMB Munai, Inc. (NYSE Amex: KAZ) (the "Company") today announced that it has completed the sale of all of its interests in Emir Oil LLP to a subsidiary of MIE Holdings Corporation (HKEx: 1555), following its receipt of necessary regulatory approvals and satisfaction of the necessary conditions to closing the transaction.  In connection with the closing of the transaction, the Company repaid in full the outstanding principal and accrued interest on its 10.75% convertible Senior Notes due 2013.

In the coming weeks, the Company's board of directors will meet to determine the amount of the first of two anticipated cash distributions to the Company's stockholders from the transaction proceeds, such amount to be determined after giving effect to the estimated closing adjustments and escrow amount and the repayment of the convertible senior notes and after providing for the payment of or reserve for other anticipated liabilities and transaction costs. The Company intends to make a second distribution to stockholders following termination of the escrow on the first year anniversary of the closing date, subject to the availability of funds to be released from the escrow, actual costs incurred and other factors. 

As previously announced, today the Company expects to file with the Securities and Exchange Commission a Form 25 to effect its voluntary delisting from the NYSE Amex, which is expected to be effective on September 29, 2011.  Thereafter, the Company's shares will no longer be listed on the NYSE Amex.  Upon delisting from NYSE Amex, the Company believes that its common stock will be eligible for quotation on the OTCQB, part of the OTC Market Group, formerly known as Pink Sheets LLC. While the common stock may be quoted over-the-counter on the OTCQB, there can be no assurance that a market for the Company's common stock will develop on the OTCQB or otherwise.