Kazakhstan, Astana, 30 October / corr. Trend D. Mukhtar /
Kazakhstan's pension funds are willing to buy two-thirds of KazTransOil shares a part of the People's IPO programme, the head of the Samruk-Kazyna National Welfare Fund (NWF) Umirzak Shukeyev said on Tuesday at the regular governmental meeting.
"According to the preliminary analysis, the pension funds are ready to buy two-thirds of the maximum offer at a price of 700-750 tenge per one KazTransOil share," Shukeyev stated.
As for retail investors, who can only be citizens of Kazakhstan, their applications will be submitted at the price up to seven million tenge ($1 -150 tenge), he said.
Following the meeting of the Samruk Kazyna board of directors, it was decided that the price of one ordinary KazTransOil share of will be 725 tenge (150.68 tenge = $1).
The price has been formed on the advice of international advisers from UBS and Kazkommerts Securities companies which have fully estimated the cost of the company. The number of the shares is approved at the level of 10 per cent minus one share of the total number of authorised common shares which makes up 38, 463.559 ordinary shares.
The maximum amount of offers with the endorsement of the Samruk Kazyna board of directors plus the number and the offering price of KazTransOil shares will be about 28 billion tenge ($186 million).
The People's IPO programme is to be rolled out in three stages from 2012 to 2015. State-owned companies are divided into three echelons: KazTransOil shares will be placed in 2012, KEGOC, Air Astana, KazTransGas, Samruk-Energo, Kaztransmorflot - in 2013, Kazakhstan Temir Joly , Kaztemirtrans in 2014, and Kazatomprom , KazMunaiGas - in 2015.
It is planned that the 10 largest companies in Kazakhstan will offer their shares for sale to citizens of the Republic by 2015. About 160.000 of Kazakhs will take part in the programme.
The main goals of the programme is to give people opportunities to own shares of the largest companies in the country, promote shares, as well as to develop Kazakhstan's securities market