Uranium giant Kazatomprom explains decision to stop reporting to KASE
Kazatomprom, Kazakhstan’s national nuclear company, has not reported corporate events to the Kazakhstan Stock Exchange (KASE) since October 2024 and no longer provides information on its ownership structure, according to the company’s response to a recent inquiry from Kursiv.media. The company said the change aligns with KASE’s internal rules for issuers under a simplified listing regime.
As of Oct. 1, 2024, Kazatomprom’s profile on the KASE website listed its primary stakeholders as Samruk-Kazyna (62.99%), Citibank as a nominee holder (24.32%) and Kazakhstan’s Ministry of Finance (12.01%). That update reflected a deal finalized earlier, in which 12.01% of Kazatomprom’s shares were transferred from Samruk-Kazyna to the Ministry of Finance using money from the National Fund. The $962 million transaction aimed to replenish the state budget, with Samruk-Kazyna transferring the shares to the government as dividends.
In March, however, the shares, along with securities of KazMunayGas acquired under a similar deal in late 2023, were returned to Samruk-Kazyna for trust management. The National Bank, acting as the operator of the National Fund (whose assets formally belong to the Ministry of Finance), said the move was intended to maintain control and manage the companies more effectively. It noted that, under the terms of the trust agreement, the Ministry of Finance retains the right to participate in and express its position at Kazatomprom’s shareholder meetings and board sessions. Following that transaction, Kazakhstan’s official e-government portal listed Samruk-Kazyna as the sole founder of Kazatomprom. However, it clarified that the sovereign wealth fund does not own 100% of the company.
In response to Kursiv.media’s inquiry, Kazatomprom explained that it has not updated its KASE listing for more than six months because it switched to a simplified listing model in late October. KASE rules allow this option for companies whose securities are primarily traded on other platforms. For Kazatomprom, that platform is the Astana International Exchange (AIX), which operates under the jurisdiction of the Astana International Financial Centre (AIFC). While AIX reports corporate news, it does not publish ownership data.
Kazatomprom’s company profile on KASE links to its corporate website, which outlines its ownership structure: 62.99% of shares are held by Samruk-Kazyna, 12.01% by the Ministry of Finance and the remaining 25% are in free float on AIX and the London Stock Exchange (LSE). KASE is not mentioned, even though Kazatomprom’s common shares and global depositary receipts are still traded there. As a result, information about the company’s ownership currently differs across three official sources.
The company said its transition to simplified listing status on KASE followed the delisting of its bonds from the exchange on Oct. 28, 2024. Under KASE rules, simplified listings are available for commercial bonds with maturities of up to one year.
