Kazakh Railways plans 1-for-5 stock split ahead of IPO, raising share count to 3.27 billionKazakhstan Temir Zholy (KTZ) plans a 1-for-5 split of its common shares before its initial public offering, according to a company decision published on the Kazakhstan Stock Exchange website.The split will increase KTZ's issued common shares fivefold to 2,483,478,380 and its authorized common shares to 2,488,823,162.KTZ also plans to increase the total number of authorized common shares, accounting for the split, to 3,267,734,711.The decision on the split and the increase in authorized shares will be submitted to KTZ's sole shareholder, the Samruk-Kazyna state fund.Samruk-Kazyna's press service said earlier that IPO preparations are proceeding on schedule. "The fund's benchmark remains an international IPO of Kazakhstan Temir Zholy this year. Preparations are proceeding as planned for listings in Kazakhstan, London and Hong Kong," the fund said.In late June, KTZ filed an A1 listing application with the Hong Kong Stock Exchange.Investors may be offered up to 25% of KTZ shares in the IPO, according to earlier reports.Proceeds from the IPO will go toward repaying part of the company's debt and funding an investment program to develop and modernize railway infrastructure, expand the capacity of transport corridors and renew its rolling stock.KTZ's balance sheet debt stands at 3.8 trillion tenge, with nominal debt at 4.7 trillion tenge.KTZ operates Kazakhstan's main railway network and is part of the Samruk-Kazyna group. (ICE ALMATY)

Fonte notizia: INTERFAX