June 17, 2020 / 5:50 AM / 20 days ago

UPDATE 1-Kazakhstan plans KazMunayGaz IPO in 2022

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ALMATY, June 17 (Reuters) - Kazakhstan plans to float its state oil and gas company KazMunayGaz in 2022, sovereign fund Samruk Kazyna said on Wednesday, having scrapped plans to list it abroad this year due to the COVID-19 pandemic and the oil price drop.

“We understood that oil and gas sector investors were primarily looking for dividends,” the fund’s managing director, Almasadam Satkaliyev, told a briefing. “We will monitor the market and oil prices ... which will be the main driver.”

The only large deal Samruk Kazyna plans this year is the sale of a 10% stake in fixed-line and mobile communications operator Kazakhtelecom to the state pension fund, Satkaliyev said. The price of the deal is yet to be determined.

Next year, Samruk Kazyna also plans to sell stakes in post office operator Kazpost and electric power firm Samruk Energy to strategic investors. Sales of stakes in carriers Air Astana and Qazaq Air and miner Tau-Ken Samruk are set for 2022.

In 2023, Samruk Kazyna plans to sell part of its stake in state railroad company Kazakhstan Temir Zholy, Satkaliyev said. (Reporting by Olzhas Auyezov; Editing by Clarence Fernandez and Himani Sarkar)

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