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Kazakh premier expects boom of local IPO next three years
Astana, June 25
As soon as the banking system of Kazakhstan stabilizes, the Kazakh companies are going to boost the local IPO market, said Prime Minister of Kazakhstan Karim Masimov.
Within next two or three years the stock market of Kazakhstan will boom, Masimov told a Kazakh-US business forum on Tuesday in Astana. The premier added that a lot of local companies would disclose their financials for IPO purposes.
The head of government indicated that until August 2007 the Kazakh banking system enjoyed an almost unlimited access to the foreign debt markets and foreign borrowings of the domestic banks covered the funding needs of the local business almost to the full.
Earlier, when the government was discussing development of the stock market in Kazakhstan some experts were suspicious about this issue because they did not feel a dire need for its development, Masimov indicated. However, the situation has changed after August 2007 and now the bulk of Kazakh companies become more and more interested to be transparent and access the stock market both inside and outside Kazakhstan, the Kazakh premier highlighted.