White & Case advises KazMunayGas on landmark IPO

Press Release
1 min read

Global law firm White & Case LLP has advised KazMunayGas (KMG), a state-owned oil and gas company in Kazakhstan, on its initial public offering (IPO). 

"We have advised long-standing client KMG on this major transaction," said White & Case partner Maxim Telemtayev, who co-led the Firm's deal team. "Our role included advising on all Kazakhstan and Astana International Financial Centre legal matters related to the offer, as well as providing certain English law advice that was required as the offer involves international investors." 

The IPO consists of an offer by Samruk Kazyna Sovereign Wealth Fund Joint Stock Company (Samruk-Kazyna) of up to 5 percent out of 90.42 percent of KMG's existing ordinary shares owned by Samruk-Kazyna to Kazakhstani and international institutional and retail investors. The offer will be made on Astana International Stock Exchange (AIX) and Kazakhstan Stock Exchange (KASE). The Government of the Republic of Kazakhstan authorised a sale of up to 15 percent of shares, creating the potential for further public offers.

The IPO is part of the implementation of the Comprehensive Privatization Plan for 2021-2025, approved by the Government of the Republic of Kazakhstan. It is one of the long-awaited and landmark transactions as KMG is one of the largest assets held by Samruk-Kazyna. 

The White & Case team which advised on the matter was led by partners Allan Taylor (London) and Maxim Telemtayev (Astana) and included local partner Semion Issyk (Astana), counsel Bree Peterson (London) and associates Amulang Povaeva (London), Adil Nurmaganbetov, Ibragim Kouky, Madina Arturova and Yerken Zhakibayev (all Astana).

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