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One share to cost up to $68 at People's IPO

12 june 2012, 10:04
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Photo courtesy of wordpress.com
Photo courtesy of wordpress.com
One share will cost up to 10 thousand tenge ($68) during the People’s IPO, Tengrinews.kz reports citing deputy chairman of Samruk-Kazyna National Welfare Fund Kuandyk Bishimbayev.

“If the face value of the share is too high, we will split the shares to make the price of one share affordable for people. I was asked yesterday whether the shares will cost 100 tenge ($0.68). Frankly speaking, we wouldn’t like to sell the shares of the national companies at 100 tenge each. We are calling the citizens to treat the shares responsibly and seriously. If they cost 100 tenge, it will be the same as buying a chewing gum or a candy. This means that the attitude to purchasing stock will be initially wrong. That’s why we think that the cost has to be affordable but still be at the level that makes a person think before buying stock and to consider is he or she is ready and serious about this investment actions. We will not announce the prices yet, but I think it will be between 0 and 10,000 tenge per share. This will make a person carefully consider the seriousness of such purchases,” Bishimbayev said.

In his turn, deputy Prime-Minister Kairat Kelimbetov noted that the people’s psychology, unfortunately, is not far away from the psychology of the participants of the financial pyramids.

“What is this psychology? It is in the everlasting belief that shares can constantly grow. Our purpose is to explain that such things don’t happen; we fall as quickly as we grow. The goal is to explain that we are not offering some tool that is a panacea or a replacement for deposits, etc. This would be wrong to thing so. Our task is to say that this is just another tool in the broad financial field and it has its advantages. This is diversification in general. This is a reliable diversification and an opportunity to become an owner of major national companies.”


By Maksim Popov

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