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Kazatomprom says it did not initiate listing on Kazakhstan Stock Exchange

JSC National Atomic Co. Kazatomprom shares began trading on the Kazakhstan Stock Exchange, or KASE, on Dec. 11 after broker CAIFC Investment Group transferred shares from the Astana International Exchange.

Kazatomprom said in a Dec. 12 press release that it had not initiated the admission of its shares to KASE.

The world's largest uranium producer sold a 15% stake in a dual listing on the London Stock Exchange and Kazakhstan's new second bourse, the AIX, in November, raising US$453.1 million and valuing the company at US$3 billion in the first international privatization in Central Asia since 2006. Kazakhstan's Unified Accumulative Pension Fund picked up US$150 million of the IPO.

Kazatomprom confirmed to S&P Global Market Intelligence that it had not applied for the listing on KASE and said "one of the brokers made an application and started trading with our shares. It was authorized by KASE."

A CAIFC Investment Group representative said about 10,000 shares were transferred from AIX to KASE.

KASE confirmed that CAIFC is a member of the exchange and said the listing was "unsponsored."

The flotation represents the first IPO by a Kazakh company in over a decade, but there are more privatizations in sight as Kazakhstan plans to dual-list another seven large, state-owned companies on the London Stock Exchange and recently launched Astana International Exchange, which aims to succeed the country's first bourse, the Kazakhstan Stock Exchange in Almaty.