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LONDON, 16 November 2018 – Kazatomprom National Company's shares officially started trading in London. According to official data, 15 percent of the company's shares, or 38,903,491 shares/GDRs (global depositary receipts), totalling $451 million have been successfully placed on the London Stock Exchange (LSE) as part of the company's IPO. According to observers, immediately after the start of the trading, the real demand for the securities from the LSE participants exceeded the supply.
When the markets opened, the increase in the price per share exceeded 2.5 percent, which is a rise from $11.60 to $11.90.
CEO of Kazatomprom Galymzhan Pirmatov and Chairman of the Board of Directors of Kazatomprom Jon Dudas participated in the trade opening ceremony in London. On the British side, CEO of the LSE David Schwimmer welcomed the placement of the shares of the global uranium market's flagship.
Speaking at the opening ceremony, Pirmatov said that listings on the Astana and London stock exchanges became a historical moment not only for the company, but also for the whole of Kazakhstan. He noted that international investors are interested in the company, as Kazatomprom is the largest uranium producer in the world that has large reserves of raw materials and provides low cost of mining.
As is known, earlier, the President of Kazakhstan gave clear instructions on reducing the state's share in national companies and transferring them to the competitive environment. Kazatomprom became the first national company within the announced privatisation programme to place its shares on the international stock exchange.
The participants of the trade opening ceremony noted that Kazatomprom's new status as a public company will increase the transparency of the entire global uranium industry and make it more transparent and understandable for investors, as Kazatomprom's total share in the global uranium mining market is 40 percent.
Schwimmer congratulated Kazatomprom on the IPO and stressed that 11 Kazakhs companies are listed on the LSE with a total capitalisation of $11.5 billion, which indicates a fruitful cooperation of large Kazakh businesses with the LSE.
Schwimmer also noted that Kazatomprom's listing took place immediately after the successful placement of the country's €1.05 billion sovereign Eurobonds on the LSE on 12 November.