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Kazmunaigas Sets IPO Terms

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Kazakhstan’s national energy champion Kazmunaigas (KMG) says it will sell not more than 5% of its equity in its initial public offering (IPO) that kicked of last week and is due to be wrapped up in early December, allowing Kazakhs to buy shares on the Astana and Almaty exchanges. KMG’s general director, Mazgum Mirzagaliyev, said more shares could be sold to private investors next year, and that there was an “understanding” that 25% of its stock could eventually go private.

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