The head of ministry of economy does not see any reasons to repurchase shares of Kazakhstan companies on global trading floors yet

/INTERFAX-KAZAKHSTAN, Astana, December 24, 07/ - There is no reason for shares of Kazakhstan companies on global trading floors yet, said the minister of economy and budget planning of the republic Bahit Cultaniv to Interfax-Kazakhstan agency. "Decrease in ratings have happened but yet there are no concerns that there will be a sharp fall in the value of assets", - he said. "Overall, there is a general view. As the head of state said, in case of a sharp fall in the value of assets we can undertake some arrangements to repurchase their (shares of Kazakhstan companies - IF-K) shares", - the minister added. He has also notified that the repurchase mechanism of Kazakhstan issuers' shares on global trading floors has already been determined. "For now, the general plan (of securing stability of social and economic development of Kazakhstan for 2007-2008 - IF-K) has not been approved, therefore, I cannot talk about any certainty. But overall, the arrangements have been elaborated and are still to be considered", - B. Sultanov said. He clarified that "the issue of repurchasing shares of Kazakhstan issuers would be one of the operational direction in the frames of that plan". As it was spread, the president of Kazakhstan Nursultan Nazarbayev charged the government and state fund Kazyna with considering the question of repurchasing shares of Kazakhstan issuers, circulating on international stock exchanges, due to decrease in sovereign ratings of the country. Including and with that aim, from the republican budget were allocated KZT12.2 bn. to National scientific and technological holding Samgau, and KZT122bn. to Fund of steady development Kazyna (current exchange rate is KZT120.76/$1). As it was announced, Standard & Poor's recurrently decreased the ratings outlook of some Kazakhstan banks in the first half of December: from "stable" to "negative". In October Standard & Poor's lowered the sovereign rating of Kazakhstan from "BBB" to "BBB-" and reduced the rating outlooks of some Kazakhstan banks. At the same time, the last week, Fitch lowered rating's outlook of Kazakhstan, and also the one of several banks and companies from "stable" to "negative". In October, Fitch had already reduced the outlook of sovereign ratings of Kazakhstan from "positive" to "stable". Last years, the next companies have conducted IPO on London stock exchange: Kazakhmys, KazakhGold, Chagala Group, ShalkiyaZinc, Kazakhstan Kagazy, Exploration Production KazMunayGas JSC, Alliance Bank, Kazkommertsbank, Halyk bank, Eurasian Natural Resources Corporation (ENRC). [2007-12-24]