President: People's IPO in Kazakhstan to begin with KMG subsidiary
Kazakhstan, Astana, March 1 / Trend A.Maratov /
KMG Exploration and Production (KMG EP) will place a five-percent stake in the domestic stock market, Kazakh President Nursultan Nazarbayev said in an interview with national media.
"This year, KMG EP will place five percent of its shares for sale," he said.
The cost of the package will hit $ 500 million. One person may purchase no more than 50 shares. The sale will be made through Kazpochta offices.
Later, shares in KEGOC, KazPost, KTZ and a number of energy companies will be put up for sale, he said.
"Over time, Kazzinc, Karmetkombinat ,ENRC and Kazakhmys will also sell their shares," he said.
"Thus, our citizens will be able to become co-owners of the largest national companies," Nazarbayev said.
He added that only Kazakh citizens can participate in the national IPO.