Revenue sharing and establishment of average investor in country has very important economic, political and social aspect - PM
Kazakh Prime Minister Karim Massimov has announced it in an interview with Russian RBC Channel, talking about the People's IPO in Kazakhstan.
Despite the fact that a company is a state one, it should be managed as a private company, as a company which has a public interest and which can be quoted on the stock exchange, the Premier said.
"President N.Nazarbayev has given us an instruction concerning conduction of the People's IPO. The first step is that a part of shares should be offered to the nation, citizens of Kazakhstan. The second direction - we have a sufficiently strong class of investors such as pension funds. I think that the People's IPO will come into full force in the second half of 2011," K.Massimov said.
According to him, Kazakhstan very carefully studied the experience of the People's IPO in the Russian Federation and other countries. Now we are actively working with consultants.
The Premier named following priorities for the People's IPO. Firstly, development of the local stock market is impossible without involvement of the population, citizens of this country. K.Massimov considers that Kazakhstan's stock market is much less developed than Russia's one. "In the 1990s we put an emphasis on attraction of the strategic investor rather than institutional. Now the time has come and we must really develop the stock market," he noted.
According to him, the population should be involved in the first stage. The citizen of Kazakhstan who bought stake in some company should have the chance to offer his shares at a profit.
"We do not set tasks of profit maximization for the state in sale of shares. We think more of the investor - the citizen and pension fund. It is a unique opportunity. Revenue sharing and establishment of an average investor in the country has a very important economic, political and social aspect. Not all can be entrepreneurs. But having small savings - USD 100-500, you can participate in equity capital. It is the first step," the Premier noted.
We are also interested in that these companies were quoted on the international financial markets, the Prime Minister outlined. Kazakhstan is very interested in the Moscow platform as the world financial center.