According to Reuters article published on November 7, 2022, Kazakhstan's sovereign wealth fund will sell a stake of up 5% in state oil company KazMunayGaz (KMGZ.KZ) on two domestic stock exchanges in an offering that values the company at 5.1 trillion tenge ($11.1 billion), it said on Monday.
Oil is the Central Asian nation's biggest export and KazMunayGaz owns stakes in projects that include ventures developing the former Soviet republic's three biggest oilfields.
Bids from domestic retail investors will be given priority in the placement, the fund's chief executive, Almasadam Satkaliyev, told a briefing, adding that bids will be accepted between Nov. 9 and Dec. 2.
The company will pay up to 250 billion tenge ($539 million) in annual dividends over the next three years, Satkaliyev said.
($1 = 463.9400 tenge)
