KEGOC ready for People's IPO

KEGOC -- Kazakhstan Electricity Grid Operating Company -- that operates Kazakhstan’s power network and a group of its consultants have completed the preparatory work and internal procedures and are ready to float KEGOC’s shares at the stock market, Tengrinews.kz reports citing the company’s press-service. “All the required documents have been duly submitted for review and decision-making to Samruk-Kazyna National Welfare Fund, the sole shareholder of the company, and to the Kazakhstan government for approval,” the press-service writes. Bids for KEGOC shares being offered as part of the People's IPO can be placed from May 13, 2013 to June 11, 2013, according to KEGOC Chief Executive Officer Bakytzhan Kazhiyev's report to the Kazakhstan parliament in Astana. The company’s shares will be offered on the domestic stock market -- KASE -- starting July 5, 2013. Besides transmitting electricity in Kazakhstan KEGOC also transmits electricity through interregional networks. The company also manages electricity production-consumption balancing. It owns and operates 110–1150 kV transmission lines and substations. The company was founded in 1996 and is based in Astana, the capital of Kazakhstan.