the head of holding of state assets management Samruk offers in the frames of liberalization of Kazakhtelecom to reduce state share holding to 25%+1 share

14.08.06 15:20
/INTERFAX-KAZAKHSTAN, Almaty, August 12, 06/ - In the frames of liberalization of telecommunicational branch of Kazakhstan the state can reduce its share holding in Kazakhtelecom JSC, the basic operator of connection in republic, the acting head of holding of state assets management Samruk Sauat Mynbayev had announced. "Samruk considers, that in conditions of holding liberalization of branch the one blocking share holding 25%+1 share is enough for protecting state interests. It does not breaks the limitation of not owning by foreigners (share holding more than) 49%", - he said on yje visiting session of economic policy Council on Saturday in Almaty. At this in Samruk it is offering to hold liberalization of Kazakhtelecom within two stages. The first stage - "selling of 5% (of shares) on the internal market, in this case Samruk owns 50%+1 from voting shares, thus on this stage the control (state - IF-K) over Kazakhtelecom JSC wholly remains", - S. Mynbayev announced. At this he noted, that in case of approval by Government the selling of 5% of shares, the first stage of liberalization can be realized in the current year. "If such approval by Government (with plans approval - IF-K)will take place it can be realized by the end of current year" - S. Mynbayev said. With all this, he continued, it is necessary to "regulate understandable the methods of there (shares - IFK) selling - method of signing, auctions on non-organized markets, method of open trades and so on". "With objectives of reanimation of internal market and maximum coverage of potential investors the corresponding offering (5% of shares - IF-K) to hold only on internal market among unlimited number of buyers, for example, natural persons. Other methods, probably, also can not be excluded, but with conditions of substantial subdivision of selling share holding", - the head of holding Samruk noticed. "The second stage - is the leading (of state share holding - IF-K) to 25%+1 share. This stage is complex and first of all it is necessary to decide conceptually is it enough the 25% share holding for the protection of state interest" - S. Mynbayev stressed. "The basic argument of those who doubt in necessity of such reduction of state share holding is the desire to keep control over connection lines trunks, but we think, that the blocking share holding allows to do that with making some changes in the law of national security, and it can be possible to make technologically wholly control", - he said. "If this question will be decided in conceptual view, further the serious questions will appear: determination of method of offering, will it be IPO or direct selling. Probably it is appropriate to make IPO, but if do IPO, then in what proportions on internal and external markets? Probably here it can be accepted the position that it must be done 50/50. It is all the details which can be decided." - the head of state holding noted. By information of S. Mynbayev at the present time Samruk has 55.65 from voting shares (of Kazakhtelecom - IF-K), correspondingly - private shareholders 44.4%. "Kazakhtelecom is the leading connection operator in Kazakhstan, it gives the services of local, intercity, international voice telephony, network services of data transferring, services of sputnik network Kulan, cable broadcasting and others. At the present time except the state the shares of company also belong to: Bodam BV - 15,31%, Bank of NY - 9,28%, Central Asian Industrial Holdings NV - 8,65%. By the totals of 2005 Kazakhtelecom paid more than 3 bn. tenge (current 122.58/$1) of dividends on state share holding. The decree of creation the state holding Samruk was signed by president Nursultan Nazarbayev at the end of January of the current year. Government had determined five national companies, state stakes of which will be transferred to holding during the first stage, except Kazakhtelecom - Kazpochta JSC, companies of management the electric networks KEGOC JSC, oil and gas company NC KazMunayGas JSC, and railway company Kazakhstan temir joly JSC (KTJ). Kazpochta, KEGOC, KazMunayGas and KTJ are wholly state companies. [2006-08-14]