Only 26% of population are aware of the People’s IPO initiative: PM Massimov

Only 26% of Kazakhstan’s population are aware of what the so-called People’s IPO is about, PM Massimov said at the sitting focused on the H1 2011 economy results July 21. “Yesterday at the sitting of the Samruk Kazyna Sovereign Wealth Fund Board of Directors we approved of the draft program of People’s IPO’s of the Fund’s subsidiaries. Late August the Government will consider the draft (…) It will take additional time and efforts to make public at large aware of the Program’s benefits. As of now only 26% of people are aware of what the program is all about”, Massimov said. According to him, before the end of 2011 the Government should focus on raising people’s awareness of the Program and run the actual Program early next year. Speaking at the Nur Otan party congress on February 11 President Nazarbayev instructed the Government to launch an Initial Public Offerings (IPO) for the People before the end of 2011. The program is known as People’s IPO. According to the President, shares of Samruk-Energo (generation and transmission of electrical energy), KEGOC (national electric power grids operator), KazPost (national postal service) were going to be floated before the end of 2011. Shares of KazMunaiGaz (national oil and gas company), Kazakhstan Temir Zholy (national railway company) and KazAtomProm (national atomic company) are to be offered for the 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.