Kazakh KazTransOil share price reduces
Kazakhstan, Astana, Jan. 25 / Trend D. Mukhtarov /
The price on the KazTransOil company's shares dropped by up to 759 tenge (150.70 tenge = $1) following an auction on the Kazakhstan Stock Exchange on January 24, 2012, Samruk-Kazyna Sovereign Wealth Fund said today.
'KazTransOil's quotation were lowered by more than five per cent compared to the results of trading sessions for the last three days (average price - 801 tenge per share)', the fund said. The press release stressed that the decrease in the share price are not related to the production and financial results of the company.
'At present, KazTransOil together with the Kazakh government is working to resolve the situation', the statement said. 'The Kazakh National Bank has introduced a moratorium to purchase the non-state securities by the pension funds'.
It is forbidden to use the assets of accumulative pension funds, except for purchasing state securities of the Kazakh Republic within their initial placement and refined gold and reverse repurchase transactions till the direction of further development of the accumulative pension system is determined.
These measures have led to a decrease in the brokers demand in the Kazakh securities market.
The Kazakh government developed a programme of delivering packages of shares of subsidiaries and affiliates of the companies on the stock market under Kazakh President Nursultan Nazarbayev's orders.
KazTranOil's shares were put on the People's IPO programme in 2012, which envisages the phased delivery of the largest, stable public companies' shares on the stock market.
KEGOC, Kazmortransflot, Samruk-Energo and KazTransGas are planned to be delivered at IPO in 2013. Kazahtan Temir Joly, Kaztemirtrans, Kazatomprom, KazMunaiGas companies will conduct IPO in 2014-2015.
The People's IPO programme entitles the purchase of shares within an initial public offering only to Kazakh citizens, as well as Kazakh accumulative pension funds representing their interests.