Astana, May 20 - Neftegaz.RU. Samruk-Kazyna’s sovereign investment fund has proposed for the next year to raise between $3 and 5 billion by the sale of a stake of up to 25 % of the KazMunayGas oil group, the majority shareholder at KMG International, according to the fund manager, Almasadam Satkaliyev, cited by Reuters.
Until now, the Kazakh authorities did not offer any value to the initial public offer they are considering at KazMunayGas, the most important asset to be put on sale under the privatization program.
Plans for an initial public offering of KazMunayGas were postponed until 2019 due to the low investor interest in IPO-type operations.
Almasadam Satkaliyev told the media that Samruk-Kazyna’s sovereign investment fund will list smaller active stock, like Air Astana, before quoting KazMunayGas oil and gas company.
Satkaliyev also said that Samruk-Kazyna could sell an additional 10 % stake in Kazatomptom, the world’s largest uranium producer, listed on the stock exchanges in London and Astana in November last year by selling of a 15 % stake, adding that the moment when new stock packages will be sold will be driven by market conditions.
KazMunayGas is Kazakhstan’s national oil & gas company with exploration, production, refining and transport activities, representing state interests in the oil and gas industry, being a vertically integrated vertical upstream, transportation and processing, to the provision of services specialized in the industry.