Kazakhtelecom seeks higher price for its shares
20.09.00 00:00
/IRBIS, Sep.20, 00/ - As REUTERS informs, Karim Masimov ex-chief of
Halyk Bank Kazakhstan and, presently, Minister of Transportation and
Communications considers that privatisation of Kazakhtelecom (national
communications operator) should be conducted at higher price for its shares.
He noted that present their value is somewhat understated and financiers
should work on finding adequate price of the company. He also considers
that new price could be two time higher, i.e. pre-crisis level of 1998.
Kazakhstan has long had negotiations with international financial
organisation over the privatisation issue. Whereas revenues from
Kazakhtelecom privatisation were already considered in the budget-2000.
Kazakhtelecom is the monopolist on telecommunication market of
Kazakhstan. Its share in GDP formation is 2%. Authorised capital equals to
KZT12.1 bln, authorised capital - KZT33.5 bln.
The main shareholder of Kazakhtelecom is the government holding 50%
stake. The next one is a group of affiliated with Kazkommertsbank
companies. Another 10% of ordinary and 105 preferred shares are in
circulation at the stock exchange market.
Previously this year, European Bank for Reconstruction and Development
offered the government to sell 30% stake in the company.