Primier stated about necessity to stimulate development of the stock market by means of selling of companies' small stocks to population

/INTERFAX-KAZAKHSTAN, Astana, January 19, 07/ - The prime-minister of Kazakhstan Karim Masimov stated about a necessity to stimulate development of the domestic stock market by selling small stocks of economically attractive companies to public. "If before we headed for strategic investors in either one or another fields, now the solution of an issue (about attracting investments. - IF-K) exactly in stimulating development of the stock market: small stocks should be thrown away. A good example, might not have been enough covered publicly: a small percent of Kazakhtelecom was sold to people," said K. Masimov, speaking on Friday in the course of an expanded board of the finance ministry of the republic. "In other words, conditionally speaking, in order that all 15 million of people of our country had at least a small shareholding. So that every person felt results of that economic policy, which is conducted by the government on the instructions of the state's head," added the premier. As it follows from his words, the leading role in such stimulating of the stock market development will be played by the state holding Samruk, Fund of stable development Kazyna JSC, the agroindustrial holding KazAgro and social-business corporations (SBC). As it was reported, in accordance with the resolution of the government dated October 17, 2006 a decision about sale of 4.6% of common voting state-owned share of Kazakhtelecom - in all 49759 items from state-owned stock belonging to the state holding Samruk, at the domestic market of the republic was adopted. 90% of this stock (447837 shares) is designed for sale to public, and the rest part (49760 shares) will be sold later at the organized (exchange) market. At the end of last year a subscription for these state-owned stock among public was completed. Price range for marketed shares was set in KZT25-33 th.(current 125/$1), bids for purchase were accepted from November 30 till December 10 in departments of Kazpost JSC throughout the republic from an unlimited number of individual people. Investment financial house Resmi JSC acted as the financial consultant of the state holding Samruk while offering this stock. Shares of Kazakhtelecom have been included in Kazakhstan stock exchange's (KASE) official "А" listing category. Kazakhtelecom is the leading communication statement of Kazakhstan, which takes the dominating position at the domestic market of telecommunications. At the end of 2006 stockholders with ownership share of common stock of Kazakhtelecom were: state holding Samruk (55.6%), BODAM B.V. (16.9%), The Bank of New York (10.2%), Сentral Аsian Industrial Holdings N.V. (9.6%). Board of the state holding Samruk, established by the order of the head of the state in January of this year, currently has state-owned stock of five companies: Kazakhtelecom, Kazpost JSC, companies on electric network management KEGOC JSC, the oil and gas company NC KazMunayGas JSC and the railway company Kazakhstan temir zholy JSC (KTZ). Kazpost, KEGOC, KazMunayGas and KTZ are completely state-owned companies. Besides, according to the resolution of the government dated October 24, state-owned stocks of 17 more companies must be transferred to the state holding, including strategic fields of economy, in particular, Kazakhstan- British JV Air-Astana (state-owned shareholding 51%). State shares of 14 of these JSCs have been already passed to Samruk. [2007-01-19]