Secondary trading of Kazakh KazTransOil shares to start on Dec. 25

Azerbaijan, Baku, Dec. 20 /Trend E. Kosolapova/

Secondary trading of Kazakh KazTransOil shares acquired within People's IPO program at the Kazakhstan Stock Exchange will start on December 25, the company reported on Thursday.

According to the register, 34,687 applications for KazTransOil shares worth 59,408,943,975 tenge (150.61 tenge - $1) were received within the People's IPO program, including 34,676 applications from Kazakh citizens, 10 applications from pension funds and one application from a market maker.

One application from market-maker (0.6 percent of the offered shares), 34,676 applications from Kazakh citizens (79.1 percent of the offered shares) and 10 applications from pension funds (20.4 percent of the offered shares) were satisfied following distribution.

The market-maker's application was completely satisfied. Natural people's applications were satisfied in the amount not exceeding 7 million tenge. The total amount of unsatisfied applications from individuals hit 71,635,075 tenge

KazTransOil is the largest Kazakh oil transporting company owning diversified network of main oil pipelines and submerged lines with an overall extension of 8000 kilometers. KazTransOil transports its products for export and the internal market using about 59 per cent of oil produced in the country.

The People's IPO allows the Kazakh citizens to become co-owners of the major national companies. The program envisages a phased placement of the shares of the biggest and stable state companies on the stock market in 2012-2015.