BAKU, Azerbaijan, November 15. In Astana, a meeting was held with potential retail investors within the roadshow dedicated to the initial offer of common shares of the national company "KazMunayGas" on the AIX (Astana International Exchange) and KASE (Kazakhstan Stock Exchange) exchanges, Trend reports referring to the Kazakh media.
The Director of the Department of Privatization and Reconstruction of Assets of "Samruk Kazyna" JSC, Dastan Adikhojayev, said that despite the postponement of the deal’s term, the company had made a huge pre-purchase effort to increase its investment attractiveness.
"For the last eight years, the debt of "KazMunayGas" decreased by almost two times: from $19.2 billion in 2014 to $10 billion," he said, speaking in front of potential retail investors.
He also said that the numerous restrictions on the terms of debt obligations were withdrawn, as well as the ban on reducing the share of the state was excluded. In 2017, a delisting of a subsidiary, "KazMunayGas Exploration Production" was conducted in order to eliminate the presence of two large companies in one group. Ordinary shareholders of "KazMunayGas Exploration Production" received a significant compensation of 24 percent of the market value." KazMunayGas – revision and marketing" company was liquidated. Moreover, "KazTranGas" which is now recognized as QazaqGaz, was excluded.
Dastan Adikhojayev said, that "KazMunayGas" liquidated the excess chains and now directly manages the subsidiaries and dependent organizations.
