Astana, Kazakhstan, April 22
By Daniyar Mukhtarov - Trend:
The entrance of the Kazakh KEGOC JSC on electricity network management for the "People's IPO" program is scheduled for December, 2014, the deputy chairman of the National Welfare Fund "Samruk-Kazyna" Elena Bakhmutova said.
"In general, the measure taken by the fund on the entrance of KEGOC shares to the stock market was supported by the government. The intention was expressed to provide support on the elimination of the existing obstacles by the end of this year. Thus, after making the necessary changes in the legislation, the final approval of approaches to tariff regulation parameters we have the reason to believe that the company's shares will be traded on the stock exchange in December," she said at a briefing held at the Central Communications Service under President of Kazakhstan.
As reported earlier, it is planned to place 10 percent and one minus shares of KEGOC JSC within the framework of the People's IPO program. The final number of shares and the price of shares will be determined on the basis of targeted yield, while stock dividend policy provides for the payment of dividends on the ordinary shares of at the level of at least 40 percent of net income.
"The preparation of the KEGOC JSC for entrance to the IPO is implemented on the basis of best international practices, and it means an increase of demand to the level of disclosure of information about the company," the fund's deputy board chairman said.
A comprehensive inspection of the company, the preparation of the prospectus and other related documents, evaluation of business and marketing strategy development is considered during the preparation, according to Bakhmutova.
Translated by S.I.
Edited by C.N.