Kazakhstan, Astana, Nov 5 /Trend D. Mukhtarov/
Only 40 percent of the profit of JSC KazTransOil will be allocated for payment of dividends under the People's IPO program, Director General of the JSC Kairgeldy Kabyldin said at a press conference on Monday.
"We changed the dividend policy. At least 40 percent of the net profit of the company will now be sent to the payment of dividends. This figure is now the highest among the already placed shares," Kabyldin said.
The People's IPO will allow the citizens of Kazakhstan to become co-owners of the nation's largest companies.
In July 2011, the Board of Directors of JSC National Welfare Fund Samruk-Kazyna has approved the program of placing of subsidiaries and affiliated companies' shares in the stock market.
In September 2011, the program has been approved by the Government of Kazakhstan. A list of joint stock companies, which shares will be offered for sale in stages until 2015, was determined.
The program involves restrictions on the maximum number of shares to be purchased by one individual in order to the concentration of securities in the hands of a small group of individuals.
Businesses of the People's IPO are included in National Welfare Fund Samruk-Kazyna. "It's a quarter of the country's economy, the strategic assets of Kazakhstan. It is an infrastructure: oil and gas, electricity, railways, power plants, aircraft, marine. The government will retain control over the basic enterprises - only small stakes are intended to be sold.
The companies with no significant dependence on world prices for raw materials are chosen for the participation in the program.