Kazakh KEGOC enters active phase of People’s IPO program
Oct. 1. Trend
By Elena Kosolapova
Kazakhstan Electricity Grid Operating Company (KEGOC) will enter the stock market in 2014, its only shareholder Kazakh Sovereign Wealth Fund Samruk-Kazyna reported on Oct. 1.
Within the People’s IPO program the company is planed to place 10 percent of total number of authorized common shares, minus one share.
The final number of offering shares and the price will be announced just before the subscription which is scheduled for the first half of November. This information will be available at the Kazakhstan Stock Exchange (KASE) and also published in the media. Within the first public offering of KEGOC’s shares the priority will also be given to retail investors – Kazakh citizens.
KEGOC plans to implement 15 priority projects for the development of Kazakhstan’s electricity transmission system until 2025.
The People’s IPO will allow Kazakh citizens to become co-owners of the nation’s largest companies. It was projected for 2012-2015 and many national companies including KazTransOil, KEGOC, Air Astana, KazTransGas, Samruk-Energy, Kaztransmorflot, Kazakhstan Temir Zholy (Kazakh railway), Kaztemirtrans, Kazatomprom and KazMunaiGas were planned to join the program.
However, KazTransOil is the only company which has placed its shares within the program so far. The company’s shares were in great demand and their placement was assessed as very successful.