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Kazmortransflot to run a People’s IPO in 2012

20 june 2011, 15:05
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Kazmortransflot National Maritime Shipping Co, a subsidiary of KazMunaiGas, plans to run a People’s IPO next year, Ms. Altynai Ualieva, Director for the Company’s Astana Office, told June 17 at a conference focused on the Caspian offshore development.

“The shareholders – KazMunaiGas and Samruk-Kazyna Sovereign Wealth Fund – are considering a possible IPO. A final decision will be taken within 1.5-2 months’ time”, she said.

According to her, the raised funds [coupled with own funds and funds of the shareholders] could be used to finance purchasing new vessels.

“This year we plan to purchase 2 large-capacity tankers worth $110 million (…) we plan to use them in the Black Sea”, Ms. Ualieva said. Another 3-4 such vessels with a deadweight of 120 000 tons will be purchased before 2020.

Besides, the Company plans to develop its dry cargo fleet. “In 2013-2014 we plan to spend $35 million; another $55 million is to be channeled to develop the Company’s fleet to support marine operations, with the number of vessels brought up to 26 by 2020; in addition to that, we plan to purchase a ferry worth $20-30 million”, she elaborated.

Altogether, the Company will need $800 million for the next 7-8 years to implement the plans, “$110 million in 2011, $140 million before 2015, and about $500 million from 2015 to 2020, according to Ms. Ualieva.
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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