KazMunaiGas National Oil and gas Company is not running a People’s IPO so far

17 июня 2011, 00:27
KazMunaiGas building in Astana. Photo courtesy of astana.kz
KazMunaiGas building in Astana. Photo courtesy of astana.kz
People’s IPO by KazMunaiGas National Oil and gas Company is not considered at the moment, the first company to run an IPO will be KazMunaiGas EP, Malik Salimgereev, Director for Oil and Gas Assets Management at Samruk-Kazyna National Welfare Fund said June 16.

“KazMunaiGas will be a pilot People’s IPO. We’ll have to see how it will work out. Other companies will be considered later on. (…) IPOs of other companies are also under consideration; however, no final decisions have been taken so far”, Salimgereev said in an interview.

“The reason why KazMunaiGas is not running an IPO at the moment is that the Company owns too many strategic assets in Kazakhstan – gas and oil pipeline networks, stakes in oil refineries”, Novosti Kazakhstan reports.

Speaking at the Nur Otan party congress on February 11 President Nazarbayev instructed the Government to launch an Initial Public Offering (IPO) for the People 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.

Preparations for the IPOs at KASE were supposed to be launched in March. Timeframe of the People’s IPOs has yet to be defined.

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