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Disposable income earners ready to participate in the People’s IPO make up 10 000 – 20 000: Central Bank Governor

10 october 2012, 16:55
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Gregory Marchenko. By Vladimir Dmitriev ©
Gregory Marchenko. By Vladimir Dmitriev ©
According to the Kazakhstan’s Central Bank Governor Gregory Marchenko, the number of people with a certain disposable income enabling them to participate in the so-called People’s IPO Program stands at 10 000 – 20 000, Newskaz.ru reports.

“The number of people with a certain disposable income is far from making up millions. From my perspective, the number stands at 10 000 – 20 000 people. That is the scale of the People’s IPO”, he told at a press-conference in Almaty October 10.

Mr. Marchenko is confident that shares of national companies to be floated within the People’s IPO could be purchased by those who own a real estate, hold deposits with banks and think of what money could be used to finance their children’s education.

“Speculations on the poor being supposedly able to participate in the Program are a sign of misunderstanding. The poor are not interested”, he emphasized.

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.

August 4, 2011 Tengrinews.kz quoted the then Economic Affairs Minister Kairat Kelimbetov as saying that the major slogan of the Kazakhstan’s economy policy for the nearest 5 years is large-scaled privatization.

“(…) Privatization will be run in two stages”, according to Mr. Kelimbetov. At the first stage, that is in 2012-2015, Kazakhstan will launch the so-called People’s IPOs of national companies. Afterwards, some national holdings will be floated to attract strategic global investors".

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