MXP.L Share News (MXP)

Max Petroleum has announced the sale of a 51% stake in the company to AGR Energy, raising approximately £37.1m in the process.The Kazakhstan-focused company saw its shares rise 26.5% by 13:00 (BST) on Monday afternoon. In a statement the company, which began a strategic review of its operations last week, said it is still open to a sale.AGR, an investment vehicle of the Assaubayev family, acquired 2.26bn new shares in the company at 1.64p, which amounted to a 33.9% premium to the stock's Friday close. Two of AGR's nominees, Aidar Assaubayev and Kanat Assaubayev, are expected to be nominated onto Max's board by the end of the year.Despite the sale, the London-listed company said its strategic review, which began after the business' full-year production target was slashed and cost cuts were implemented, will remain ongoing.DC