Value of Kazakh Kaztransoil shares up by 33 percent
Baku, Azerbaijan, Oct. 20
By Elena Kosolapova - Trend:
The value of Kazakh Kaztransoil's shares has increased by 33 percent since its sale within the People's IPO program, Kazinform reported referring to Kazakh Samruk-Kazyna National Wealth Fund.
"A total number of 34,000 people participated in the first stage of the program and bought Kaztransoil's shares," head of the Fund "Samruk-Kazyna" Umirzak Shukeyev said. "This is quite a profitable investment, as the value of shares increased by 33 percent as of today."
Umirzak Shukeyev noted that People's IPO is a very important program, because even 10 percent of the shares traded on the open market significantly improve the transparency of the company.
The People's IPO will allow Kazakh citizens to become co-owners of the nation's largest companies. It was projected for 2012-2015 and many national companies including KazTransOil, KEGOC, Air Astana, KazTransGas, Samruk-Energy, Kaztransmorflot, Kazakhstan Temir Zholy (Kazakh railway), Kaztemirtrans, Kazatomprom and KazMunaiGas were planned to join the program.
However, KazTransOil is the only company which has placed its shares within the program so far. The company's shares were in great demand and their placement was assessed as very successful.
In December 2014 of Kazakhstan Electricity Grid Operating Company (KEGOC) will join the program.
Edited by T.T.