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20-25% in the State Pension Accumulation Fund to be floated through People’s IPO

06 july 2011, 00:17
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Gregory Marchenko. By Vladimir Dmitriev ©
Gregory Marchenko. By Vladimir Dmitriev ©
The National Bank of Kazakhstan plans to offer 20-25% of shares in the State Pension Accumulation Fund within the so-called People’s IPO, Gregory Marchenko, Chairman of the National Bank said July 5.

"We don’t feel like holding stakes in the Fund. We should exit the ownership structure. And now when we have become the regulator [the National Bank has been vested with financial supervision powers following the abrogation of the National Agency for Financial Supervision], the conflict of interests is obvious", he noted.

According to Marchenko, for nine years the National Bank and the EBRD [the latter holding 10% in the Fund] have been unsuccessfully searching for a long-term investor who would acquire a controlling stake in the Fund.

“We will lower our requirements to long-term investors. We’ve been unable to find an investor from West Europe for 9 years, and we are unlikely to find any in the following two years”, Marchenko said.

“The solution is still being discussed and it requires that we carry out a number of procedures, in particular, redeeming shares from EBRD in accordance with the option we have”, Marchenko summarized.

As the National Bank Governor explained, the National Bank is to buy back the 10 per cent share from the European Bank of Reconstruction and Development (EBRD) to later float it through an IPO.

Currently the National Bank owns a 90 per cent share in the Fund, with EBRD owning the other 10 per cent.

Speaking at the Nur Otan party congress on February 11 President Nazarbayev instructed the Government to launch an Initial Public Offering (IPO) for the public at large before the end of 2011. The program is known as People’s IPO. According to the President, shares of Samruk-Energo (generation and transmission of electrical energy), KEGOC (national electric power grids operator), KazPost (national postal service) are going to be floated before the end of 2011. Shares of KazMunaiGaz (national oil and gas company), Kazakhstan Temir Zholy (national railway company) and KazAtomProm (national atomic company) are to be offered for the IPO in 2012-2013. 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.

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