Kazakh KEGOC extends period of shares placement

Dec. 2. Trend

By Elena Kosolapova

Kazakh KEGOC extends period of shares placementThe subscription period for the shares of Kazakhstan Electricity Grid Operating Company KEGOC within the People’s IPO program was extended until December 5, the company said on Dec. 2.

“The number of citizens desiring to become shareholders of this national company sharply increased in late November. The brokers need some more time to process the applications and documents due to their sharp influx,” the company said.

KEGOC planned to place 10 percent of total number of authorized common shares, minus one share (25,999,000 999 common shares) on the Kazakhstan stock market. The price is fixed at 505 tenge (180.87 tenge =$1) per share. Earlier the placement period was approved from November 5 to December 3.

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.

Kazakh Government has 100-percent of KEGOC shares through Sovereign Wealth Fund Samruk-Kazyna.