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The Law of the Republic of Kazakhstan No. 538-IV
ЗРК of 12 January 2012 "On
amendments to some legislative acts of the Republic of Kazakhstan
regarding development of the securities market of the Republic of
Kazakhstan" (the "Law")1
came into effect on 25 January 2012 (apart from certain
provisions). The main purpose of the Law is to create an
appropriate legislative framework in Kazakhstan for implementing
the so-called "People's IPO" state programme which
envisaged the privatisation of a number of Kazakh blue chip
companies through initial public offerings on the national stock
exchange.
Please note the following provision of the Law:
A Kazakh issuer cannot sell its shares to foreign citizens
and/or foreign companies or stateless persons, if the controlling
portion of its shares is either directly or indirectly owned by the
JSC NWF "Samruk-Kazyna", at the time these shares are
placed on the stock exchange in fulfilment of the relevant decree
of the Government of Kazakhstan to be adopted. The main idea of the
Law, evidently, is that the main target investors of the proposed
People's IPO are citizens of Kazakhstan and local pension
funds.
Footnote
1. The Law introduced changes to the Securities Law, JSC
Law etc.
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