Kazakhstan launches Peoples IPO program.

By bne IntelliNews November 7, 2012
Kazakhstan launched the process of accepting bids to purchase KazTransOils shares within Peoples IPO program. KazTransOil is the first company which will sell its shares within the program. Price of 1 share is KZT 725 (USD 4.8) and one individual investor is allowed to buy shares worth up to KZT 7mn. The number of shares placed by KazTransOil will be 38,463,559 or 10% minus 1 share. According to the approved structure of placement, at first request from the individual investors will be fulfilled. If demand exceeds the supply limit (KZT 7mn) then there will be proportionate complying of requests. Only then, request from the local pension funds will be fulfilled. During the first date of the program, requests worth KZT 184.4mn were submitted. The investors may offer bids for the shares until Dec 5. KazTransOil is the national oil transportation company which supplies nearly 59% of oil to the domestic and foreign markets. Peoples IPO program will be implemented in 2012-2015. It envisages sale of the shares of KEGOC, Air Astana, Kazmortransflot, Samruk-Energy and KazTransGas in 2013, Kazakhstan Temir Zholy (railway company) and Kaztemirtrans in 2014, and Kazatomprom and KazMunayGas in 2015. The main aim of the goal is to increase Kazakh citizens participation in the financial market.
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