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Partnership listed on LSE

The Isle of Man has scored another business first, after the London Stock Exchange admitted a limited partnership’s global depository receipts for trading.

Zhaikmunai LP, based in the Island, is the first ever limited partnership to be admitted for unconditional trading in this way.

The firm is the holding entity of an independent oil and gas enterprise operating in North-Western Kazakhstan.

The transaction was structured through an Isle of Man partnership which raised $100million, representing around 9.1 per cent of its enlarged capital.

Treasury Minister Allan Bell says the achievement defies current market volatility and shows the Island is a responsive, flexible and efficient jurisdiction.

(Image: The flag of Kazakhstan)

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