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Kazakhstan’s President Nursultan Nazarbayev furious over People’s IPO delays

14 february 2014, 14:24
0
Kazakhstan President Nursultan Nazarbayev. Marat Abilov ©
Kazakhstan President Nursultan Nazarbayev. Marat Abilov ©
At the extended government sitting on Friday Kazakhstan’s President Nursultan Nazarbayev criticized both the Government and the Central Bank over delays of the People’s IPO Program and delayed launch of the State-run Single Pension Fund.

“The People’s IPO Program hasn’t had any sizeable continuation. The launch of the Single Pension Fund is delayed for no sound reasons. I commission the Central Bank and the Government to come up with a clear vision of the country’s pension system and the national securities market before June 1, 2014”, President said.

He expressed his dissatisfaction with the failure to float shares of five national companies within the People’s IPO program launched back in 2012. “Why has the program been halted?”, he asked the Cabinet members, adding that he gives them a month to come up with specific suggestions.

Speaking at the Nur Otan party congress on February 11, 2011 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPOs) of large-scaled government-owned companies 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.

December 25, 2012 KazTransOil floated over 38 million common shares as part of the People’s IPO Program. As a result, 33 989 Kazakhstan citizens and 10 pension funds became shareholders of the company.

KEGOK was supposed to have floated its shares in May 2013; however, the floating has been postponed.
Kazakhstan’s President Nursultan Nazarbayev instructed the Government late January 2013 to merge all the pension funds into a single government-owned entity.

The Single Pension Fund was launched in August 2013.

As of December 1, 2012 there were 11 pension funds operating in Kazakhstan, with combined savings standing at around $21 billion.

Tengrinews.kz reported November 13, 2013, citing the country’s Central Bank Governor Kairat Kelimbetov as saying in the Majilis, that all the pension assets will be united into the state-run single pension fund before April 2014.

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