Kazakhaltyn sold 25% to foreign invest funds and banks - newspaper

/REUTERS, Almaty, November 29, 05/ - KazakhGold, founder of gold mining company Kazakhaltyn, floated 25% of its shares in London stock exchange through global depositary receipts (GDR), newspaper Kazakhstanskaya pravda informed with reference to the company's head. Kazakhaltyn, which is one of the three biggest gold miners of Kazakhstan, is founded by Asaubayev's family. "By the results of floatation we may say, that now fourth of KazakhGold's block is owned by the biggest investment funds and banks of the world", - Kanat Asaubayev, president of Kazakhaltyn said to the newspaper, whose interview is published on Tuesday. He also announced, that demand for shares exceeded $1 bn., whereas KazakhGold planned to attract from floatation of GDR $176 m., having fixed cost of one security at the level $15. Asaubayev in interview did not call the amount, earned from floatation of securities in London. "Interest to shares was so high, that bids came from USA, Brazil, Belgium, Spain, Portugal, Finland, Italy, Luxemburg, Hon Kong, Singapore and from royal family of UAE from Dubai", - he added. Lead-managers of the issue were Holland ING Bank and Russian Troika Dialogue. Part of attracted funds - nearly $107 m. - the company planned to spend for modernization of production and construction of new gold concentration factories. In 2004 Kazakhaltyn decreased gold production to 26,272 ounces of gold from 36,182 ounces a year before in connection with temporary stoppage of ore production in two fields. However the company plans considerable growth of gold production in 2006. Production plan for 2005 - 2.8 tons. KazakhGold is the second company of Kazakhstan, which floated shares in London: earlier Kazakhstan copper monopolist attracted over $1 bn. as a result of IPO. [2005-11-29]