Franchise registrations in Saudi Arabia surge 866% over 3 years    Lulu Saudi Arabia celebrates its 15th anniversary with the grand launch of 'Super Fest 2024'    Cristiano Ronaldo's double powers Al Nassr to 3-1 win over Al Gharafa in AFC Champions League    Culture minister tours Saudi pavilion at Expo 2025 Osaka    Al Ahli edges Al Ain 2-1, bolsters perfect start in AFC Champions League Elite    Saud Abdulhamid makes history as first Saudi player in Serie A    Saudi Cabinet to hold special budget session on Tuesday    King Salman orders extension of Citizen's Account Program and additional support for a full year    Al-Falih: 1,238 foreign investors obtain premium residency in Saudi Arabia    Several dead as Storm Bert wreaks havoc across Britain    Irish PM apologizes for walking away from care worker    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    'Pregnant' for 15 months: Inside the 'miracle' pregnancy scam    Hezbollah fires rocket barrages into Israel after deadly Beirut strikes    Ukraine losing ground in Russia's Kursk region, says military source    Do cigarettes belong in a museum?    Saudi Arabia to host 28th Annual World Investment Conference in Riyadh    Riyadh Emir inaugurates International Conference on Conjoined Twins in Riyadh    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kazakhstan starts IPO of public firms
Published in The Saudi Gazette on 12 - 02 - 2011

ASTANA: Kazakhstan's national grid and postal companies will be first to float shares when the Central Asian state launches a “people's IPO” to kick-start the domestic stock market, President Nursultan Nazarbayev said Friday.
Nazarbayev, in power for two decades, instructed his government to float shares by the end of this year in grid company KEGOC, postal company Kazpost and Samruk-Energo, the power-generation unit of sovereign wealth fund Samruk-Kazyna.
State oil and gas company KazMunaiGas, uranium miner Kazatomprom and national rail monopoly Kazakhstan Temir Zholy (KTZ) should follow up with initial public offerings in 2012 or 2013, he said.
“The ‘people's IPO' will give hundreds of thousands of ordinary Kazakhstani citizens the opportunity to own shares in major enterprises,” Nazarbayev told a congress of his ruling Nur Otan political party. Kazakhstan is the world's largest uranium miner and holds more than 3 percent of the world's recoverable oil reserves. Its $140 billion economy, the largest in Central Asia, is estimated to have grown 7 percent in 2010, faster than neighbor Russia's.
Its plan to privatize major state firms comes after three Russian resource companies pulled London listings worth more than $3.5 billion this week, having failed to attract enough demand from investors. High valuations, market uncertainty following unrest in Egypt and a bulging pipeline of expected deals have reduced the appetite for private Russian issuers, bankers and analysts say.
Nevertheless, investor demand has been strong for exposure to Kazakhstan, which has no sovereign Eurobonds outstanding. A $700 million, 10-year Eurobond issued last year by KTZ, the rail monopoly, was heavily oversubscribed.
Kazakhstan's privatization drive will be focused on its domestic exchange, offering its 16.4 million population exposure to a national industrialization plan that envisages a one-third expansion of the economy by 2020. Nazarbayev, who will run again for the presidency in a snap election on April 3, said ordinary citizens should be allowed to share in Kazakhstan's wealth. He warned against a repeat of the 1990s, when state property fell into the hands of a select few.
“We attempted this for the first time at the dawn of our independence,” he said.


Clic here to read the story from its source.