Minority shareholders of KazTransOil to receive dividends of minimum 40 percent of total net profit

Business Materials 13 December 2012 20:48 (UTC +04:00)

Azerbaijan, Baku, Dec. 13 / Trend E. Kosolapova, D. Mukhtarov /

Minority shareholders of Kazakh KazTransOil who acquired shares of the state-owned company under the 'People's IPO', will receive at least 40 percent of the company's total net profit in dividends, at the Sovereign Wealth Fund 'Samruk-Kazyna' told Trend on Thursday

"Placement of only ordinary KazTransOil shares was decided, dividends of his shares are paid from the net profit in accordance with the decision of the general meeting of shareholders. Besides, the company adopted a new dividend policy, under which, the dividends will be paid at the level of minimum 40 percent of KazTransOil's total net profit in case of a positive balance during the reporting period," the fund reported.

According to the Samruk Kazyna, the decisions on payment of dividends to minority shareholders of other companies participating in the 'People's IPO' programme will be taken later as part of their preparation for the IPO.

At the same time, according to Samruk Kazyna resale of KazTransOil shares acquired within 'People's IPO', it will be possible already this year.

"It is expected that auctions in the secondary market will begin after calculations on the basis of applications book. Thus, starting December 20-25 2012 is will already be possible to sell the shares purchased in accordance with the legislation," Samruk Kazyna said.

According to him, all the funds, which will be received by the companies within the IPO, will remain in the companies and be invested in their further development.

"This will increase the value of the company and ensure growth in the value of shares and payment of the dividends," Samruk Kazyna said.

The "People's IPO" will allow the Kazakh citizens to become co-owners of the nation's largest companies. The implementation of the programme is scheduled for 2012 - 2015.