Dubai: Samruk-Kazyna sovereign wealth fund, which has assets of $67 billion, is in initial negotiations with UAE telecom major Etisalat for a potential stake sale in Kazakhtelecom, as the fund is planning a slew of IPOs of its government-owned companies,
Samruk-Kazyna is the majority shareholder in Kazakhtelecom with a 51 per cent stake, followed by Skyline Investment Company, which has 24.4 per cent stake. The stake sale through an IPO or a strategic partner is part of the government’s plan to privatise public companies.
“Just recently we had a meeting with Etisalat. Now they are holding negotiations because they have a few questions which need to be discussed. They have not reached any decision,” Akhmetzan Yessimov, chief executive officer (CEO) of Kazakhstan’s Samruk-Kazyna sovereign wealth fund told reporters. They are planning to conduct their next meeting in May. Etisalat could not be immediately reached for a comment.
Last year, NAC Kazatomprom’s shares were listed on the London Stock Exchange, valuing the country’s uranium producer at about $3 billion.
“This placement was very successful as shares went up by 25 per cent. This was our first experience and we want to continue in the same direction,” Yessimov said.
They are planning to do an initial primary offering of Air Astana, which they plan to list on London this year. Next year the SWF plans to list KazMunayGas
and Samruk Energy, a large oil and gas company, whose capacity is 25 tonnes per year.
Kazpost. The SWF has developed a plan for privatisation, where more than 60 corporations would be private by selling their stake.