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There will be no collision of interests if public servants purchase shares of national companies to be floated within the People’s IPO, Novosti Kazakhstan quoted Finance Minister Bolat Zhamishev as saying. Speaking at the Nur Otan party congress on February 11 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPO) for common people before the end of 2011. 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. Earlier public servants were prohibited from buying securities. But the ban has been lifted recently to stimulate the dormant securities market. “There will be no conflict of interest, as the shares will be offered to general public”, Minister Zhamishev told journalists September 2. When asked whether Oil and Gas Minister could rely on insider information when buying shares of oil and gas companies, Zhamishev said that “insider information comes from inside the company offering its shares (…) Oil and Gas Minister, like any other member of the Government, does not participate in the company’s decision-making process (…) and is not capable of influencing the situation [related to shares]”. Tengrinews.kz reported August 23, quoting Economic Development Minister Kelimbetov, that “the shares [of the national companies to be floated within the People's IPO] will be offered at market value (…) we’ve chosen the best timing: the companies are not overvalued at the present time”. “The first wave (KEGOC national power grid operator, AirAstana airline) of People’s IPOs is to be run in Q2-3, 2012, with the second wave (KazTransGas, KazMorTransFlot, Samruk-Energo) following in 2013 and the third wave (KazakhtanTemirZholy National Railways Operator, KazTemirTrans) in 2014-2015”, he elaborated, adding that KazMunayGas O&G Company and KazAtomProm Nuclear Company may run IPOs after 2015.
There will be no collision of interests if public servants purchase shares of national companies to be floated within the People’s IPO, Novosti Kazakhstan quoted Finance Minister Bolat Zhamishev as saying.
Speaking at the Nur Otan party congress on February 11 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPO) for common people before the end of 2011. 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.
Earlier public servants were prohibited from buying securities. But the ban has been lifted recently to stimulate the dormant securities market.
“There will be no conflict of interest, as the shares will be offered to general public”, Minister Zhamishev told journalists September 2.
When asked whether Oil and Gas Minister could rely on insider information when buying shares of oil and gas companies, Zhamishev said that “insider information comes from inside the company offering its shares (…) Oil and Gas Minister, like any other member of the Government, does not participate in the company’s decision-making process (…) and is not capable of influencing the situation [related to shares]”.
Tengrinews.kz reported August 23, quoting Economic Development Minister Kelimbetov, that “the shares [of the national companies to be floated within the People's IPO] will be offered at market value (…) we’ve chosen the best timing: the companies are not overvalued at the present time”.
“The first wave (KEGOC national power grid operator, AirAstana airline) of People’s IPOs is to be run in Q2-3, 2012, with the second wave (KazTransGas, KazMorTransFlot, Samruk-Energo) following in 2013 and the third wave (KazakhtanTemirZholy National Railways Operator, KazTemirTrans) in 2014-2015”, he elaborated, adding that KazMunayGas O&G Company and KazAtomProm Nuclear Company may run IPOs after 2015.
