KazMunayGas closes IPO bid book

ALMATY. Dec 2 (Interfax) - KazMunayGas has closed the bid book for its IPO, Kazakhstan's national oil and gas company said.

Shares will be allocated to investors who have submitted bids and paid for them by December 7, after which they will be credited to the investors' accounts.

Individuals who miss the deadline will be able to purchase KMG shares on market terms after secondary trading scheduled for December 8 begins on the exchange of the Astana International Financial Center (AIX) and on the Kazakhstan Stock Exchange (KASE).

State Fund Samruk-Kazyna offered 5% of KMG shares in the IPO at 8,406 tenge each.

CEO of Samruk-Kazyna Almasadam Satkaliyev said earlier that KMG would pay guaranteed dividends of at least 200-205 billion tenge annually within three years of its IPO in order help secure the interests of investors.

KMG intends to pay annual dividends of at least 200-250 billion tenge for each financial year 2022, 2023 and 2024, provided that oil prices remain at no less than $70/bbl.

Book building for the IPO began on November 9.