Kazakh KEGOC to enter stock market by year-end

Kazakhstan Materials 10 September 2014 17:50 (UTC +04:00)

Baku, Azerbaijan, Sept. 10

By Elena Kosolapova - Trend: Kazakhstan Electricity Grid Operating Company (KEGOC) will enter the stock market by the end of 2014, Novosti-Kazakhstan reported.

"KEGOC is ready to enter the stock market. We expect that subscription for the company's shares will start in November. And we expect that it will start trading on the secondary market of the Stock Exchange in the second half of December," Deputy Chairman of Kazakh Sovereign Wealth Fund Samruk-Kazyna Elena Bakhmutova said at a briefing in the Central Communications Service on Sept. 10.

Previously, the chairman of the Board of Samruk-Kazyna, Umirzak Shukeyev also said KEGOC would enter the Kazakhstan Stock Exchange within the People's IPO program in December 2014. A total number of 10 percent minus one share of KEGOC will be offered for sale within the program.

The final number of shares and the price will be determined depending on the targeted returns.

The People's IPO will allow Kazakh citizens to become co-owners of the nation's largest companies. It was projected for 2012-2015 and many national companies including KazTransOil, KEGOC, Air Astana, KazTransGas, Samruk-Energy, Kaztransmorflot, Kazakhstan Temir Zholy (Kazakh railway), Kaztemirtrans, Kazatomprom and KazMunaiGas were planned to join the program. However, KazTransOil is the only company which has placed its shares within the program so far. The company's shares were in great demand and their placement was assessed as very successful.

Edited by C.N.