Kazakhstan limits individual spending on Peoples IPO.

By bne IntelliNews August 31, 2012
Some details regarding forthcoming so called Peoples IPO were revealed by the authorities. According to Kuandyk Bishimbayev, the deputy CEO of the national welfare fund Samruk-Kazyna, each individual will be allowed to buy a limited number of shares during the IPO. He added that the limit was set at KZT 7mn (USD 47thsd). Besides, Bishimbayev noted that most citizens declared that are ready to invest KZT 200,000 or less. At the same time, brokerage companies and SamrukKazyna signed a memorandum to reduce the commission fees for transactions less than KZT 200thsd in value under the Peoples IPO by 50% to KZT 1,500. The brokerage fees in the Kazakhstani securities market currently average 0.05-0.1% of the transaction amount with a minimum level of about KZT 3,200. As we reported, Kazakhstan plans to sell shares in the most attractive state companies under the Peoples IPO program in order to increase the financial literacy among its citizens. The government projects that preliminary demand for financial instruments as part of the program will reach USD 100-200mn from the population and USD 300-500mn from the pension funds. The first company which will make IPO is KazTransOil (see the story below)
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