Kazakhstan's Samruk-Kazyna state fund sells 5% stake in KEGOC through SPO

ASTANA. Nov 8 (Interfax) - Kazakhstan's Samruk-Kazyna National Wealth Fund has divested a 5% stake in Kazakhstan Electricity Grid Operating Company (KEGOC) through a secondary public offering (SPO), according to fund CEO Nurlan Zhakupov.

"Samruk-Kazyna's stake in KEGOC has decreased from 90% to 85% through a SPO held on the platforms of the Kazakhstan Stock Exchange (KASE) and Astana International Exchange (AIX) of the Astana International Financial Centre (AIFC) at 1,482 tenge per share. Over demand resulted in more than 50,000 applications totaling 34.8 billion tenge," Zhakupov said at a briefing on Wednesday.

In total, 15,291,487 shares were sold, totaling 22.662 billion tenge. Of these, 10.258 million shares (67%) were acquired by retail investors from Kazakhstan, 4.83 million shares (32%) by institutional investors, and 202,792 shares (1%) by retail foreign investors.

KASE accounted for 83% of the placed volume, while AIX accounted for 17%.

The subscription period was open from September 28 to November 2.

KEGOC held its IPO in 2014 by offering 10% of its shares on the KASE.

JSC Samruk-Kazyna National Wealth Fund was the majority shareholder in KEGOC with a stake of 90% at the time.

The official exchange rate as on November 8, 2023, is 464.49 tenge/$1.