KazakhGold sets GDR offer price, to raise $176 mln
25.11.05 18:25
/REUTERS, Almaty, November 25, 05/ - KazakhGold set the offer price for
its Global Depositary Receipts (GDRs) at $15 on Friday, the upper end of a
previously announced $12-15 range, and expects to raise $176 million from
the issue in London. "Based on the offer price, the market capitalisation of
KazakhGold will be $707 million," the company's public relations consultant
Citigate Dewe Rogerson said in a statement sent by email. Conditional
dealing would start on Friday.
"It is expected that closing and settlement of the global offer will be on 30
November 2005, and unconditional dealings will commence on the London
Stock Exchange on 1 December 2005," it said.
KazakhGold, the parent company of Kazakh-based gold miner Kazakhaltyn,
will be the second firm from the Central Asian state to have its primary
listing on London's main exchange.
Copper miner Kazakhmys floated in October, while state oil firm
KazMunaiGas is expected to list its upstream unit abroad in 2006.
KazakhGold, owned by the Assaubayev family, says it has mining rights to
around 27 percent of all Kazakhstan's gold reserves.
[2005-11-25]