Astana, Kazakhstan, Nov.5
By Daniyar Mukhtarov - Trend:
Samruk-Kazyna Kazakh National Welfare Fund approved the placement of shares of KEGOC JSC on the Kazakh Stock Exchange under the People's IPO (Initial Public Offering), the press-service of the fund said.
"Some 25,999,999 ordinary shares of KEGOC JSC will be placed within the framework of the initial offering, according to the approved resolution of the Board of directors of Samruk-Kazyna JSC," the report said. "The price of 1 ordinary share will amount to 505 KZT (180.87 KZT = $1)."
The report said that the subscription for the shares will be held November 5 - December 3, 2014.
The right to acquire shares belongs to the citizens of Kazakhstan, Integrated Accumulative Pension Fund JSC, which buys shares at the expense of the pension assets, as well as a market maker, according to the report. The approved structure of placement will make it possible to meet the requests of all retail investors-citizens of Kazakhstan, the report said.
The offered shares will be distributed among the investors in the following sequence: application of the market maker; applications of retail investors for shares are fully satisfied within 14,000 shares.
"In case if the number of shares specified in the applications of retail investors exceeds the number of issued shares (excluding the application of a market maker), the size of the maximum number of successful applications will be reduced starting from 14,000 shares, with a step of decrease per share until the alignment of demand and proposal," said the report.
Shares unclaimed by retail investors are distributed in favor of Integrated Accumulative Pension Fund JSC in accordance with the submitted application. Shares unclaimed by investors considering the above mentioned procedure of the distribution will be placed on the organized securities market in the manner prescribed by law not earlier than six months after the date of placement within the framework of the People's IPO program.