ALMATY Aug 17 Kazakh phosphate producer
Kazphosphate plans an initial public offering (IPO) in London in
2009-2010 and expects to raise up to $1 billion, one of its main
shareholders said on Friday.
The company, which has registered the name Kazphosphate Plc
in London in preparation, has a turnover of $160 million and
expects to produce 65,000 tonnes of phosphate, used in
fertilizers, in 2007.
"We want to increase revenues in three to four years to $1
billion," Chairman and major shareholder Nurlan Bizakov told
He said the company would be able to increase production
when it secures more sulphuric acid supplies, needed in
phosphate production, which is expected to happen after copper
producer Kazakhmys (KAZ.L) opens a plant producing sulphuric
acid in September.
On the planned IPO, he said the company favoured London but
would also consider other exchanges.
"We plan ideally in the next two to three years to list on
an international stock exchange," he said.
Bizakov, who gave no explanation for his $1 billion estimate
for proceeds from an IPO, said the funds would be used to build
a fertilizer factory and a synthetic detergents factory.