Azerbaijan, Baku, Dec. 25 /Trend E. Kosolapova/
Kazakhstan Stock Exchange started secondary trading of Kazakh KazTransOil shares acquired within People's IPO program on Tuesday, KazTransOil reported.
"Within the secondary trading, KazTransOil's shares may be acquired by investors who did not apply within the initial public offering and shareholders wishing to purchase more shares than were credited to their accounts following the initial public offering. The company's shares in the secondary market will be available for Kazakh and foreign physical and legal entities," KazTransOil said.
Within the initial public offering of KazTransOil shares 34,687 applications worth 59,408,943,975 tenge (150.27 tenge - $1) were received, including 34,676 applications from Kazakh citizens, 10 applications from pension funds and one application from a market maker.
One application from market-maker (0.6 percent of the offered shares), 34,676 applications from Kazakh citizens (79.1 percent of the offered shares) and 10 applications from pension funds (20.4 percent of the offered shares) were satisfied following distribution.
KazTransOil is the largest Kazakh oil transporting company owning diversified network of main oil pipelines and submerged lines with an overall extension of 8000 kilometers. KazTransOil transports its products for export and the internal market using about 59 per cent of oil produced in the country.
The People's IPO allows the Kazakh citizens to become co-owners of the major national companies. The program envisages a phased placement of the shares of the biggest and stable state companies on the stock market in 2012-2015.