May 17, 2019 / 11:43 AM / 3 months ago

UPDATE 1-Kazakhstan aims to raise $3-$5 bln from state energy firm sale, says official

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NUR-SULTAN, May 17 (Reuters) - Kazakh sovereign wealth fund Samruk-Kazyna aims to raise $3 billion to $5 billion from its sale of up to 25 percent in state-owned KazMunayGaz < KMGZ.KZ> next year, the fund’s managing director said on Friday.

The government has not till now given a valuation for the initial public offering in the state energy firm, the biggest asset being put up for sale in its privatisation programme.

The IPO plans had been delayed until beyond 2019, partly due to tepid investor interest in IPOs.

Samruk-Kazyna Managing Director Almasadam Satkaliyev told reporters the sovereign fund would list smaller assets such as and Air Astana before floating the energy company.

The fund planned to sell about 10 percent of Kazakhtelecom , reducing its stake to about 41 percent, on the Astana International Exchange in July or November, he said. The listed telecoms firm has a market capitalisation of about $740 million.

The timing and other details of an initial public offering in Air Astana have yet to be decided, Satkaliyev said. The IPO coordinators are J.P.Morgan and UBS.

Samruk-Kazyna might sell an additional 10 percent stake in Kazatomptom, the world’s biggest uranium miner which was floated in London and Astana with the sale in November of a 15 percent stake, Satkaliyev said, adding that the timing for selling more shares would be determined by market conditions.

Reporting by Olzhas Auyezov Editing by Edmund Blair

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