Samruk-Kazyna to Sell Up to 5% of National Oil Champion KazMunayGas

Posted on 11/08/2022

Joint Stock Company “Sovereign Wealth Fund “Samruk-Kazyna” (Samruk-Kazyna JSC) revealed plans to carry out an initial public offering, during which the sovereign wealth fund will sell up to 30,505,974 ordinary shares of Joint Stock Company “National Company “KazMunayGas” (KMG), the national oil and gas company out of 551,698,745 Shares owned by Samruk-Kazyna. Essentially, Kazakhstan’s sovereign wealth fund will sell a stake of up 5% in state oil company KazMunayGaz on two domestic stock exchanges – Astana International Stock Exchange and the Astana International Financial Center.

Samruk-Kazyna owns 90.42% of the issued and outstanding shares of KMZ. The rest of the KMZ shares are currently owned by the National Bank of Kazakhstan. The price per KMZ share under the offer is KZT 8,406, assuming capitalization of about KZT 5.1 trillion (US$ 11.1 billion).

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