EBRD to assist in finding consultants on People’s IPOs

European Bank for Reconstruction and Development (EBRD) will help to choose consultants on the People’s IPOs in Kazkahstan, Business Resource quoted Minister of Finance Bolat Zhamishev as saying. According to him, the consultants will be advising the Kazkahstan’s Government on choice of companies [shares of which will be offered to the public] and on timing of the IPOs. “There are a number of issues (…) including finindg the right consultants. It’s important to define wether to offer shares of parent companies or those of their subsidiaries (…) or both. This means we need to evaluate efficiency of all of these schemes”, Minister Zhamishev said. Speaking at the Nur Otan party congress on Friday, February 11th, President Nazarbayev announced that the Government is to launch an Initial Public Offering (IPO) for the People Program before the end of 2011. The President instructed to float shares of Samruk-Energo, KEGOC, KazPost before the end of 2011. Shares of KazMunaiGaz, Kazakhstan Temir Zholy (national railway operator) and KazAtomProm are all to be offered for an IPO in 2012-2013. 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. Preparation works to run IPOs at KASE were supposed to be launched in March. Timeframe of the People’s IPOs has yet to be defined.