Kazakhstan's Samruk-Kazyna transfers funds to country's National Fund

Business Materials 24 June 2020 17:55 (UTC +04:00)
Kazakhstan's Samruk-Kazyna transfers funds to country's National Fund

BAKU, Azerbaijan, Jun. 24

By Nargiz Sadikhova - Trend:

Kazakhstan’s Samruk-Kazyna Sovereign Wealth Fund allocated a part of funds made from selling its shares of Kazatomprom National Atomic Company to the country National Fund, Trend reports with reference to the press office of Samruk-Kazyna.

On June 8, 2020, Samruk-Kazyna sold 275,496 Global Depositary Receipts (GDRs) and 109,504 shares of Kazatomprom National Atomic Company.

The transaction was made at the price of $13 per one GDR and 5,230 tenge ($13) per one share to retail investors who are citizens of Kazakhstan, solely through Astana International Exchange (AIX). The retail-only placing opened on June 3 and closed on June 8, 2020.

As a result of the institutional and retail offers, Samruk-Kazyna raised aggregate gross proceeds of $211.6 million with around 35 percent of the overall demand coming through AIX.

Thus, Samruk-Kazyna has transferred 50 billion tenge ($124.6 million) of funds receieved from selling the shares in Kazatomprom to the Kazakhstan’s National Fund.

“Given the current economic situation in the country, the Samruk Kazyna management has transferred the funds to the National Fund ahead of schedule,” Samruk-Kazyna said.

Kazakhstan's Kazatomprom is the world's largest producer of uranium, with the company’s attributable production representing approximately 23 percent of global primary uranium production in 2018.

The company benefits from the largest reserve base in the industry and operates, through its subsidiaries, JVs and Associates, 26 deposits grouped into 13 mining assets. All of the company’s mining operations are located in Kazakhstan.


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