Azerbaijan, Baku, Sep. 6 / Trend, E. Kosolapova/
The people's IPO program, despite considerable delay, will be continued in Kazakhstan, the head of Analytic department of Private Asset Management company Damir Seisebayev believes.
"There was no official statement about the program closing. In my opinion nothing bad with it has happened. I think the program will continue," Seisebayev told Trend by phone on Friday.
The expert noted that the shares of Kaztransoil, which was the pioneer of the People's IPO program are quite profitable as forecasted.
"Now there are some low in shares trading due to the creation of a Common Pension Fund. Pension funds do not take part in the trading of Kaztransoil shares. Next year when the creation of the Common Pension Fund is completed the dividends from the Kaztransoil's shares will likely be higher," he said.
Initially five Kazakh National companies (KEGOC, Air Astana, KazTransGas, Samruk-Energy and Kazmortransflot) were scheduled for participation in People's IPO program in 2013.
Seisebayev noted that according to the latest People's IPO schedule, only Kazakhstan Electricity Grid Operating Company (KEGOC) was planned to make placements into the program. However, no information about the company has been spread in the media.
"This fact may mean that KEGOC IPO may be postponed to another time. Because, before placing the company into an IPO, information should be provided about it. This activity will require a lot of time," he said.
According to Seisebayev, some reasons can cause delay in the People's IPO program.
"Maybe organizers take more time to make the company more investment friendly. Maybe there are some differences among the organizers of the program. Maybe they think "who will buy the shares?" Maybe they are waiting for the completion of a creation of the Common Pension Fund," he said.
According to the expert, the pension funds support the shares prices and are one of the main participants in the program.
"Now the pension fund is under merging process and is unlikely to participate in People's IPO. I.e., we have to wait until it starts working. Then the pension fund will be able to support the program," Seisebayev said.
The People's IPO will allow citizens of Kazakhstan to become co-owners of the nation's largest companies. It is projected for 2012-2015. In 2012, KazTransOil entered the program.