Kazakhstan could become IPO center in Central Asia
Kazakhstan, Astana, May 24 / Trend D. Mukhtarov /
Kazakhstan, in the case of a successful implementation of People's IPO project, could become the center of the IPO in Central Asia, as China and Singapore in Southeast Asia, a representative of the Advisory Council of PricewaterhouseCoopers, John Statterd, said on Thursday during discussions as part of the V Astana Economic Forum.
"Implementation of the IPO project in Kazakhstan is an important step in the development of the country," Statterd said.
He recalled that in the 80s of last century, Margaret Thatcher, by introducing private capital, was able to change British economy.
"By allowing the privatization of the economy, by cutting the state's monopoly, creating, thereby, the competitive environment, she could improve the British economy," he said.
He said China took the same steps in due time.
"Shanghai, due to introduction of IPO in the 80s of last century, has now become a major financial center in the world. And Kazakhstan, which decided on the same step may eventually become the center of an IPO in the Central Asian region," Statterd said.
Earlier, Kazakh President Nursultan Nazarbayev proposed People's IPO project, which enables ordinary citizens of Kazakhstan to take direct part in the economic development of their country.
The Deputy Chairman of the Board of Samruk-Kazyna Sovereign Wealth Fund, Kuandyk Bishimbayev, who took part in discussions on the People's IPO during the V Astana forum, recalled that the the most stable companies will be first exposted on the domestic market.
"First, shares of KazTransOil will be exposed to domestic market in September. Since People's IPO is the first experience of Kazakhstan, we have decided to start with the less risky companies," he explained.
Bishimbayev said until the fall the republic's government intends to concentrate its efforts on advocacy work with the public on the benefits, which People's IPO project has.