Kazakhs May Only Offer Citizens Shares in Two Companies in 2013
Kazakhstan’s sovereign wealth fund may only sell shares in two state companies in so-called People’s IPOs next year, rather than four as previously planned.
The fund, which owns the companies, is considering proposing one initial public offering in the first half of 2013 and one in the second, Nurlan Rakhmetov, Samruk-Kazyna’s managing director, said yesterday.
“This proposal is aimed at making it easier for individuals” to invest by giving them more time to understand the process and amass savings, he said in a phone interview from the capital, Astana.
After raising 28 billion tenge ($186 million) from selling about 10 percent of KazTransOil this month, the central Asian nation had planned to sell shares in Kazakhstan Electricity Grid Operating Co., KazMorTransFlot, Samruk Energy and KazTransGaz in 2013.
President Nursultan Nazarbayev, whose re-election last year extended his rule into a third decade, ordered last February that stock in state companies be offered to ordinary citizens to help them increase their savings.
Kazakhstan Electricity is the “main candidate for an IPO next year,” Rakhmetov said.
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