Samruk-Kazyna sets SPO price of electrical grid network operator KEGOC at $3.13 per share, below market

ASTANA. Sept 26 (Interfax) - The Kazakh Samruk-Kazyna state fund has set the placement price of shares for the SPO of electric grid operator KEGOC at 1,482 tenge ($3.13 at the current rate) per security, KEGOC said in a statement.

As of 12:24 Moscow time, KEGOC shares on the Kazakhstan Stock Exchange were trading at 1,592 tenge. The first transactions on Tuesday were concluded at a price of 1,588 tenge per share.

Investors will be offered 15,294,118 shares of the additional issue (5.88% of the increased charter capital). The placement will take place on the Kazakhstan Stock Exchange and the AIX Exchange, registered in the Astana Financial Center.

KEGOC's SPO may be held as early as this year, the government said earlier.

The Samruk-Kazyna State Fund held an IPO of KEGOC in 2014, at which time 10% of the company's shares were placed on the Kazakhstan Stock Exchange. At the beginning of July 2023 (latest published data), the fund owned 90% of KEGOC shares, another 7.25% was owned by the Kazakhstan Unified Accumulative Pension Fund.

KEGOC is the operator of the energy system of Kazakhstan. The company's balance sheet includes power transmission lines with a voltage of 220-1150 kV with a length of about 27,000 km and 82 electrical substations.

The official rate as of September 26 is 473.98 tenge/$1.