BMB Munai has insufficient funds for upcoming convertible put option

By Angela McDaniels

Tacoma, Wash., Feb. 9 - BMB Munai, Inc. does not have enough funds to repurchase its convertible senior notes due July 2012 if they are put back to the company on July 13, according to the company's 10-Q report for the quarter ended Dec. 31 filed with the Securities and Exchange Commission.

Neither does the company expect to generate enough funds from operations between now and then to fund the put option.

The company said it is investigating solutions to address this issue, including working with the noteholders to forego exercising their put option in July.

BMB Munai is an oil and gas exploration and drilling company based in Almaty, Kazakhstan.

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