Air Astana has no immediate plans of floating shares within People’s IPO Program

Air Astana national airline can only participate in the People’s IPO program if the government’s stake in the company is increased, Newskaz.ru reports, citing Nurzhan Baidauletov, Managing Director of the Samruk-Kazyna Sovereign Wealth Fund as saying November 28. At the moment Samruk-Kazyna holds 51% in the airline, with the rest of the shares belonging to UK’s BAE SYSTEMS. “The Government’s stake (owned through Samruk-Kazyna) will not be diluted; no part of the stake will be offered for the People’s IPO. However, if it is somehow increased, we will consider floating shares”, Mr. Baidauletov said. “Currently there are no plans of floating any part of the government’s stake”, he reiterated. Speaking at the Nur Otan party congress on February 11, 2011 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPO) for common people before. The program is known as People’s IPO. According to President Nazarbayev, the IPO for the general public will enable citizens to purchase shares of the largest Kazakh companies, giving them a new tool for investments and savings. December 25, 2012 KazTransOil floated over 38 million common shares as part of the People’s IPO Program. As a result, 33 989 Kazakhstan citizens and 10 pension funds became shareholders of the company. KEGOK was supposed to have floated its shares in May 2013; however, the floating has been postponed.