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10 I Companies & Markets bne July 2020
“This FTSE reshuffle is highly reflective of the current crisis environment,” an analyst at investment broker The Share Centre Helal Miah said, adding that “out go stocks from sectors that have taken a beating and questions arise as
to how and whether some of these can manage this crisis.”
Avast, founded in 1988 by Czech researchers Eduard Kucera and Pavel Baudis, is one of the pioneers in the field of computer security. In 2016, Avast bought the competing Czech
Kazakhstan’s wealth fund sells 6.3% stake in world’s biggest uranium miner Kazatomprom
Kanat Shaku in Almaty
Kazakhstan’s sovereign wealth fund Samruk-Kazyna has sold a 6.27% stake in the world’s biggest uranium miner Kazatomprom, raising $206mn in the process. The company said it pressed ahead with the sale after seeing an improvement in market sentiment, with its share price up by a third since a March trough.
A total of 15.9mn shares in the form of shares and global depositary receipts (GDRs) were at the end of last week bought at a price of $13 per GDR (a discount of around 6% to the market price) via an accelerated bookbuild for institutional investors at the London Stock Exchange (LSE) and Astana International Exchange (AIX). That led to aggregate gross sale proceeds of $206,653,499.
Kazakhstan’s privatisation of big companies has only crept forward for several years. This sale might be seen by the market as at least a baby step in a difficult equity sales environment.
The fund said highlights of the placement included the aggregate amount of 1,030,815 shares being sold through the AIX and purchased by domestic institutional investors; 4,333,960 GDRs being placed via the AIX, of which 2,500,000 GDRs were placed to international investors and 1,833,960 GDRs were placed to domestic institutional investors; and 33.7% of the offering being sold through AIX. A stake of 0.01% in Kazatomprom was offered to Kazakh retail investors at the same $13 per share.
Prior to the placement, Citigroup-led deal managers said Samruk-Kazyna was planning a $150mn sale of a 4.55% stake in Kazatomprom.
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antivirus company AVG. Avast is the second largest antivirus company in the world after Symantec in terms of sales.
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indices
that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
“Throughout the two-year privatization process of Kazatomprom, we’ve been seeing the continued interest of institutional and retail investors in the company,” Kairat Kelimbetov, AIFC governor said. “I am pleased to note that Kazatomprom has managed to attract through Astana International Exchange a significant volume of foreign investment, which is important for the state privatization program and the economy of Kazakhstan as a whole.”
“The offering is a reassuring event for the successful implementation of Kazakhstan’s privatization plan and the country’s investment case boosting confidence for more placements as the markets gradually rebound from the pandemic,” Dmitry Brodsky, managing director, head of Russia and CIS ECM, Renaissance Capital, noted.
“The institutional placement is definitely a success as we have seen a very solid support from institutional accounts, both international and domestic, reflecting investors' positive view on Kazatomprom's equity story and the industry as a whole,” Farkhad Okhonov, deputy CEO of Halyk Finance said in the statement.
Third sale
The sale of the stake was the third such sale carried out by Samruk-Kazyna. The first came with the initial listing of the company in 2018 and the second in the form of a secondary placement last year. Following the latest deal, Samruk-Kazyna is set to retain 76.7% in Kazatomprom.
However, if the offer to Kazakh-citizen retail investors, to be conducted solely via AIX, is exercised in full, the sovereign wealth fund will hold 75% in Kazatomprom.