Facebook shares to be traded at Kazakhstan Stock Exchange01 july 2014, 19:07
Facebook shares may become available at the Kazakhstan Stock Exchange (KASE) before the end of this year, Tengrinewsreports citing the CEO of Freedom Finance investment company Timur Turlov.
According to Turlov, the social network's shares may hit the Kazakh stock exchange in the Fall or in winter this year. “I hope that Facebook shares will be in Kazakhstan this year. We very much hope that we will have enough means to bring them in. Unfortunately, at this stage we need to spend huge amounts of resources to bring such companies to our market, we need to reserve a lot of money to do the market making. The Stock Exchange is constantly improving its algorithms, and it will launch the mechanisms that will help simplify the processes and make it easier to attract companies," Turlov said.
He added that stock of other companies similar to Facebook would be offered at the market. Besides, in the near future shares of several Russian blue chips, such as Sberbank of Russia, VTB Bank and Gazprom are going to become available at KASE, Turlov said. “These companies have investment-grade ratings and are among the most liquid securities at the Russian market. However, we still need to study the listing requirements, especially for Gazprom,” he explained.
He continued by saying that securities of giants like SPY and Berkshire Hathaway would soon arrive to the Kazakhstani market as well. Turlov explained that anyone with 100,000 Tenge ($540) would be able to buying stock of large Russian and American companies and funds at the Kazakhstan Stock Exchange.
"If all goes well, we will be able to attract many companies this year,” he added.
Shares of one large financial institution are already traded at the KASE. On May 4, 2014, Bank of America entered the Kazakhstan Stock Market. At the initial stage the company's stock totally worth 50 million Tenge ($272,000) is traded at the KASE. One share is traded for around 2,700 Tenge (about $15).
Reporting by Azhar Ashirova, writing by Dinara Urazova, editing by Tatyana Kuzmina