10 Oct 2022 13:50

Kazakh govt to reduce its share in KazMunayGas to 75% after IPO

ALMATY. Oct 10 (Interfax) - The stake the Kazakh government owns in national oil and gas company KazMunayGas or KMG will decrease to 75% as a result of IPO, Sky Bridge CEO Sholpan Ainabayeva said.

"Last week we submitted the first revision of the prospectus to the listing department of AIX [Astana International Exchange]. As you may know, this issuer is already listed on KASE [Kazakhstan Stock Exchange]. Furthermore, amendments have been initiated to the government resolution in order to lower the government owned stake in KMG to 75%," Ainabayeva said at a meeting of the Public Council of National Wealth Fund Samruk-Kazyna titled "IPO of JSC National Company KazMunayGas: Prerequisites and the State of Preparations."

During the IPO, a higher priority will be given to retail investors while maintaining a balance between all stakeholders, according to Ainabayeva.

Samruk-Kazyna plans to hold an IPO for KazMunayGas in December of this year. Samruk-Kazyna will finalize an appraisal of the shares to be offered by November 9.

Samruk-Kazyna earlier announced its decision to set the guaranteed dividend for KazMunayGas shares for a period of three years following its IPO.

KazMunayGas is scheduled to come out with an IPO in 2022 on AIX and KASE. The IPO is targeted at wider public involvement.

KazMunayGas is the national operator for exploration, production, processing and transportation of hydrocarbons. The company represents the state interests in the oil and gas sector of Kazakhstan. KMG is owned by Samruk-Kazyna National Wealth Fund with 90.42% and by the National Bank of Kazakhstan with 9.58%.