Uranium giant Kazatomprom denies plans for secondary offering

Kazatomprom denies plans for additional share offering / Photo: Atomic-energy.ru, photo editor: Adelina Mamedova

Kazatomprom, world’s largest uranium producer, said it will not issue new shares or pursue an additional public offering. The company confirmed this to Arman Batayev, author of Finmentor.kz Telegram channel.

The statement followed a Bloomberg report on Oct. 2 that suggested Kazatomprom was considering an additional listing on international exchanges to boost its market value. The report stated that the potential offering could involve the 25% stake not currently held by the government.

Kazatomprom clarified that it is not considering a new share issuance, a secondary public offering or any reduction in the government’s ownership stake.

Currently, 63% of Kazatomprom is owned by Samruk-Kazyna, Kazakhstan’s sovereign oil fund. The National Fund, through the Ministry of Finance, holds another 12%. The remaining 24.3% of shares are publicly traded and are held in nominee form by Citibank.

Kazatomprom accounts for about 20% of global uranium production. Its shares trade on the Kazakhstan Stock Exchange (KASE) at roughly 29,000 tenge, or about $53.