Kazmunaigas Starts Trading on Astana Exchange

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Kazakhstan's state oil and gas company Kazmunaigas (KMG) says its eurobonds, with a total value of $6.25 billion and with repayment periods stretching as far away as 2049, have begun trading on the Astana International Exchange (AIX). Set up in 2017 under a separate regulatory environment from the rest of the country, AIX is set to replace the commercial hub and former capital, Almaty, as Kazakhstan’s premier capital markets center. But it has been a slow start, with a membership so far of less than 30 companies. KMG, which is chaired by veteran Australian business executive Christopher Walton, has made early repayment of some of its eurobonds and replaced them with longer-term paper. At the end of last year, the company had reduced its total debt by around 3.4% year on year to $9.69 billion, while it has also made early repayments on oil-backed prefinancing loans struck with Swiss trading giant Vitol (NC Mar.18'21). AIX’s shareholders include the Astana International Finance Center, US investment bank Goldman Sachs and the Shanghai Stock Exchange. KMG, which is 90% owned by sovereign wealth fund Samruk-Kayzna and 10% by the central bank, hopes to start trading its shares on AIX when the company holds its long-awaited initial public offering. But the process has been delayed repeatedly, with Samruk saying it won’t happen before 2022.

Equity and Debt Markets, Resource Access, Corporate Strategy
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