Kazakh KazTransOil to transfer 40 per cent net profit to pay dividends

Business Materials 21 March 2013 13:19 (UTC +04:00)

Kazakhstan, Astana, March 21 / Trend D. Mukhtarov /

The KazTransOil Company will direct 40 per cent of its net income for dividends, Kazakh Deputy Prime Minister Kairat Kelimbetov said during a press conference in Astana on Monday.

"Last year we engaged in a very successful implementation of the People's IPO programme," Kelimbetov said. "Demand exceeded supply by more than twice. I can say there is a positive trend in prices from the beginning of the secondary trading.

"On average, they vary from 800 to 830 tenge (150.72 tenge = $1). That is, the price increased by 10-14 per cent. If one adds that as of 2012, KazTransOil will distribute dividends and the company plans to allocate more than 40 per cent of the net profit and of course, shareholders will receive returns on their investments."

Chairman of the board of the Samruk-Kazyna Sovereign Wealth Fund Umirzak Shukeyev said the fund's board of directors will annually determine the percentage of profit to be transferred for dividends in the coming years.