Subscription for KazTransOil shares on the first day totals $1.2 million
06 november 2012, 21:23
Photo courtesy of nnm.ru
Subscription for KazTransOil shares within the People’s IPO Program on the first day totals $1.2 million, Newskaz.ru reports, citing Samruk Kazyna Sovereign Wealth Fund Vice Chairman Kuandyk Bishimbayev.
The number of broker’s accounts as of November 6, 2012 reached nearly 250 000.
The subscription will be open until December 5, 2012.
According to the Government regulation, the share price shall be 725 tenge ($4.8). The number of shares to be floated stands at 38 464 559.
KazTransOil is part of the KazMunaigas National O&G Company and the largest oil shipping company in Kazakhstan. The Company owns a network of main oil pipelines of 8 000 kilometers.
KazTransOil transports about 59% of all the crude produced in Kazakhstan.
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. 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.