Azerbaijan, Baku, Feb. 11 /. Trend, E. Kosolapova /
The Kazakh company that manages the electricity grid, KEGOC is an attractive in term of investments, speaker -expert of Asyl Invest think tank Ayvar Baikenov told Trend. Shares of KEGOC were placed under the People's IPO Program in 2013
Baikenov said there are several factors indicating stability and good prospects for KEGOC.
In particular, the company is fully owned by the state, represented by Samruk-Kazyna National Welfare Fund, and has strong support from the state and its shareholders (guarantees for obligations, provision of loans to finance investment). In addition, the company has strategic importance and many potentially successful projects are implemented for its development. The expert also noted the company's monopoly status, favorable tariff conditions (annual growth rates), high credit ratings (BBB, outlook of "positive" by Fitch) and corporate governance ratings (GAMMA5 + by S&P), strong financial position and weak influence of external factors, such as fluctuations in international markets.
In addition, according to results for 2011, the company sent 30 percent of net profit to pay out dividends, he said.
At the same time, as Baikenov said, KEGOC's success in its IPO program will not be as significant as in the case of the pioneer company in the programme- KazTransOil.
In expert's opinion, of all companies participating in the IPO, shares of the last companies will be the most attractive to private investors.
Kazatomprom and KazMunaiGas may be the last companies, whose shares are scheduled to be placed within IPO.
Baikenov stated that the value of KEGOC shares, placed for sale within the People's IPO, will be low.
"KEGOC shares will most likely be sold at a discount to book value. Besides, the set price will be accessible for the majority population, and therefore split of one to 10 of the current number of shares will also be quite possible," Baikenov said.
The People's IPO Program will allow Kazakh citizens to become co-owners of one of the nation's largest companies. The program's implementation is scheduled for 2012-2015. As a part of the program, KazTransOil company's shares were put up for sale in 2012.
Earlier, Kazakh Prime Minister Serik Akhmetov said that KEGOC shares will be placed within People's IPO program in the first half of 2013.