Zhamishev refutes rumors of People's IPO folding

Kazakhstan Finance Minister Bolat Zhamishev has refuted any possibility of premature termination of the People’s IPO program in Kazakhstan, Tengrinews.kz reports. “They are groundless. We are not folding anything,” Zhamishev said answering the journalist's question on whether the rumors on People's IPO folding have any grounds. The national companies will continue floating stock as part of the People's IPO as scheduled, he said. “The IPOs will continue and the national companies will keep floating stock in the People's IPO. It is clear that there are specific technical, legal and other issues that have to be resolved in every case,” he said. The Minister also commented on the information that the General Prosecutor’s office was challenging legitimacy of some of the IPOs. “There are some issues, but there is currently a work group that is studying the legal aspects and ways to eliminate risks for strategic facilities and prevent their loss. This legal side is being studied,” Zhamishev said. Earlier Tengrinews.kz reported that implementation of the People’s IPO program could be suspended until the end of the year and be folded completely later. By Renat Tashkinbayev