Baku, Azerbaijan, Jan. 23
By Elena Kosolapova - Trend:
Kazakhstan's Sovereign Wealth Fund Samruk-Kazyna joint-stock company plans to offer the shares of its subsidiary - Samruk-Energo company to the "People's IPO" program by the end of 2015, Financial Officer, Member of the Fund Board Nurlan Rakhmetov told Trend.
"At present, the necessary work is being carried out," he said. "We expect that the company will be offered on the IPO in 2015."
Rakhmetov said that as part of offering the previous participants - KazTransOil and KEGOC to the "People's IPO program, no more than 10 percent of the shares of these companies was offered for sale.
"As for Samruk-Energo, at least 10 percent of the shares and maybe up to 20 percent will be offered for sale," Rakhmetov said.
"At present, this issue is being considered as Samruk-Energo, as opposed to KEGOC and KazTransOil, is not an entity of a natural monopoly," he said.
"However, these are the preliminary judgments," he said. "The final decision on the number of offered shares, their price and conditions of sale will be made later by the government proceeding from the recommendations of the Samruk-Kazyna Board of Directors.
The exact timeframe for placement of Samruk-Energo's shares on IPO hasn't been determined yet. This decision will be made later by the Fund jointly with the government, said Rakhmetov.
"This will depend on the readiness of the company to enter the stock market," he said. "We are carrying out relevant preparatory work jointly with the company's consultants."
He added that the work on various issues related to the legislation and tariff regulation is underway.
The Fund's finance director said that the level of tariffs for electricity, which is controlled by the state in Kazakhstan, will significantly affect the profitability of Samruk-Energo, the price of the company's shares and accordingly, the success of its access to IPO.
People's IPO program will allow Kazakh citizens to become co-owners of the largest national companies. KazTransOil oil Transportation Company joined the program in 2012, Kazakhstan Electricity Grid Operating Company (KEGOC) - in 2014. Samruk-Energo is expected to join IPO in 2015, Kazakhstan Temir Zholy (Kazakhstan Railways) and Kazatomprom in 2016.
Samruk-Kazyna National Welfare Fund was created in accordance with the decree of the President of Kazakhstan in 2008 to improve the competitiveness and sustainability of the national economy.
It brings together almost all state-owned assets of Kazakhstan and manages these assets on behalf of the government. KazMunaiGas NC JSC, the railway operator - Kazakhstan Temir Zholy JSC, Kazakhstan Electricity Grid Operating Company JSC (KEGOC), communication operator Kazakhtelecom JSC, Kazatomprom JSC National Atomic Company are among these assets.
Edited by CN