Kazakhstan’s pension fund and Samruk-Kazyna increase stakes in KEGOC

Since July 2024, Kazakhstan’s Unified Accumulative Pension Fund (UAPF) has acquired about 140,500 shares of Kazakhstan Electricity Grid Operating Company (KEGOC), while the country’s sovereign wealth fund Samruk-Kazyna purchased nearly 1.35 million shares in the first quarter (Q1) of 2025, according to data from the Kazakhstan Stock Exchange (KASE).

As no new shares were issued, the changes reflect a redistribution of ownership stakes.

The exact value of the acquired shares cannot be precisely calculated. However, based on market prices during Q1 2025, Samruk-Kazyna likely spent between $3.8 million and $4 million to increase its stake from 85% to 85.49%.

The UAPF began acquiring KEGOC shares in Q3 2024. Each increase in the fund’s stake, as reflected on KASE, was calculated based on the share price range during the respective periods. Over nine months, UAPF is estimated to have spent between $400,500 and $415,000 to raise its stake from 6.87% to 6.93%.

In Q3 2024, UAPF purchased 15,000 shares of KEGOC at prices ranging from approximately $2.86 to $2.93 per share. In Q4, it acquired another 11,700 shares at prices between $2.79 and $2.97. In Q1 2025, UAPF bought 113,800 shares at prices ranging from $2.86 to $2.96.

In 2024, KEGOC’s profit totaled nearly $115.6 million, a 37.1% increase year-on-year, according to the company’s financial statements.

As of April 1, 2024, KASE data show that, in addition to major shareholders UAPF and Samruk-Kazyna, 7.58% of KEGOC is held by minority shareholders, with no individual stake exceeding 5%.