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The Effects of Privatization and Corporate Governance of SOEs in Transition Economies: The Case of Kazakhstan

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Reforming State-Owned Enterprises in Asia

Part of the book series: ADB Institute Series on Development Economics ((ADBISDE))

Abstract

This paper focuses on the relationship between corporate governance structure and privatized state-owned enterprises (SOEs) as a way to reform SOEs in a transition economy, using the experience of Central Asia as a case study.

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Notes

  1. 1.

    The National Welfare Fund “Samruk -Kazyna” was established by merging the joint stock companies of the Sustainable Development Fund “Kazyna” and the Kazakhstan Holding for Management of State Assets “Samruk” in accordance with the decree of the President of Kazakhstan, Nursultan Nazarbayev on 13 October 2008. From 2012, in connection with changes in the legislation of Kazakhstan, the name was changed to JSC “Samruk−Kazyna” (http://www.sk.kz).

  2. 2.

    Global Depository Receipts (GDRs) are negotiable certificates issued by depository banks, which represent ownership of a given number of a company’s shares, which can be listed and traded independently from the underlying shares.

  3. 3.

    AIM is a submarket that allows smaller firms to float shares with a more flexible regulatory system than is applicable to the main market.

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Author information

Authors and Affiliations

  1. Bang College Business, KIMEP University, Almaty, Kazakhstan

    Keun Jung Lee

Authors
  1. Keun Jung Lee
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Corresponding author

Correspondence to Keun Jung Lee .

Editor information

Editors and Affiliations

  1. Social Science Research Institute, Tokai University, Hiratsuka, Kanagawa, Japan

    Farhad Taghizadeh-Hesary

  2. Keio University, Minato-ku, Tokyo, Japan

    Naoyuki Yoshino

  3. Asian Development Bank Institute, Chiyoda-ku, Tokyo, Japan

    Chul Ju Kim

  4. Public Institutions Reform Division, Ministry of Strategy and Finance, Sejong, Korea (Republic of)

    Kunmin Kim

Appendix 1

Appendix 1

IPO market in Kazakhstan

IPO name

Industry

Trading floor

Placement volume (USD million)

Year of placement

Alliance Bank

Financial services

LSE

704

2007

Caspian holdings

Oil and gas

LSE’s AIM

7

2004

Chagala

Real estate and property development

LSE

120

2007

EPAM systems

Technologies, telecommunications, and media

NYSE

72

2012

Eurasian natural resources

Metal and mining, power industry, transport and logistics

LSE

3037

2007

Frontier mining

Gold, diamonds and gemstones mining

LSE’s AIM

6

2004

Halyk Bank

Financial services

LSE

748

2006

Hambledon mining

Gold, diamonds and gemstones mining

LSE’s AIM

5

2004

KazakhGold

Gold, diamonds and gemstones mining

LSE

197

2005

Kazakhmys

Metal and mining

LSE

1365

2005

Kazkommertsbank

Financial services

LSE

846

2006

KazMunaiGas

Oil and gas

KASE, LSE

2255

2006

KazTransOil

Oil and gas

LSE

186

2012

Kcell

Technologies, telecommunications, and media

KASE, LSE

525

2012

Max Petroleum

Oil and gas

LSE’s AIM

46

2005

Orsu metals

Metal and mining

LSE’s AIM

 

2004

Roxi petroleum

Oil and gas

LSE’s AIM

77

2007

Russian navigation technologies

Technologies, telecommunications, and media

MICEX

9,694,000

2010

Shalkiya zinc

Metal and mining

LSE

105

2006

Steppe cement

Construction materials

LSE’s AIM

 

2005

Sunkar resources

Chemicals and petrochemicals

LSE’s AIM

67

2008

Tau capital

Financial services

LSE’s AIM

250

2007

Victoria oil and gas

Oil and gas

LSE’s AIM

18

2004

Yandex

Technologies, telecommunications, and media

NASDAQ

1435

2011

Zhaikmunai

Oil and gas

LSE

100

2008

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Lee, K.J. (2021). The Effects of Privatization and Corporate Governance of SOEs in Transition Economies: The Case of Kazakhstan. In: Taghizadeh-Hesary, F., Yoshino, N., Kim, C.J., Kim, K. (eds) Reforming State-Owned Enterprises in Asia. ADB Institute Series on Development Economics. Springer, Singapore. https://doi.org/10.1007/978-981-15-8574-6_6

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