Kazakhstan’s national railway company, Kazakhstan Temir Zholy, will list shares simultaneously on the Hong Kong and London Stock Exchanges, as well as on the Astana International Financial Centre’s exchange.
Sovereign wealth fund Samruk-Kazyna announced the plan following a meeting between management board chairman Nurlan Zhakupov and representatives of Hong Kong Exchanges and Clearing Limited and China International Capital Corporation. KTZ filed a listing application with HKEX in late June. Under previously announced plans, the company could raise around $1 billion, with up to 25% of its shares potentially offered to investors. Proceeds from the offering will go toward paying down part of its debt and funding an investment program to upgrade railway infrastructure.