Nursultan Nazarbayev on People’s IPO06 october 2014, 14:56
Kazakhstan’s President Nursultan Nazarbayev has commissioned the Government to make sure the People’s IPO Program procedures are fully transparent, a Tengrinews.kz journalist reports.
“We should proceed with the People’s IPO Program to cover as many common Kazakhstanis as possible so that each of them could feel the economy growth when buying shares in companies that launch their IPOs under this Program. There should be clear rules set to make sure common people buy the shares, rather than large investors that have already made quite a fortune since Kazakhstan gained independence. These investors are eager to get hold of the newly floated shares. The Government should make sure it will not happen”, President said when tallying results of a forum on transformation of Samruk – Kazyna Sovereign Wealth Fund.
He emphasized all the information on the People’s IPO Program should be accessible for the general public.
Speaking at the Nur Otan party congress on February 11, 2011 President Nazarbayev instructed the Government to launch Initial Public Offerings (IPOs) of large-scaled government-owned companies for common people. 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.
December 25, 2012 KazTransOil floated over 38 million common shares as part of the People’s IPO Program. As a result, 33 989 Kazakhstan citizens and 10 pension funds became shareholders of the company.