KEGOC goes public: betting on the tariff reform

Initiation of coverage

Mariyam Zhumadil, CFANovember 11, 2014

Next month a 10% stake in KEGOC will be offered to retail investors under the People's IPO program.

This research report has been prepared by Halyk Finance to provide a general view on the Kazakhstan Electric Grid Operating Company (KEGOC or the Company). This document was prepared without KEGOC participation and all forecasts, estimates, expectations and conclusions, contained in the report are solely forecasts, estimates, expectations and conclusions made by Halyk Finance.

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The research report does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

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Important factors that could cause those differences include, but are not limited to overall economic and business conditions, including commodities prices; the demand for the Company’s services; competitive factors in the industries in which the Company and its customers compete; changes in government regulation; changes in tax requirements, including tax rate changes, new tax laws and revised tax law interpretations; interest rate fluctuations and other capital market conditions; exchange rate fluctuations; economic and political conditions in international markets, including governmental changes; and the timing, impact and other uncertainties of future actions.