Astana International Exchange Market Update Week ended 7th December

Astana International Exchange announces its market operational update for the period from the 14th November to the 7th December 2018 inclusive. Turnover for the period was KZT 2,421,765,090 (1,648 trades, 522,097 ordinary shares) of JSC “NAC “Kazatomprom” (Kazatomprom). During the same period, there were 65 trades with 40,492 global depository receipts of Kazatomprom with a turnover of US$ 499,429.07.

Weekly Trading Update

Security

Nbr Trades w/ended 7th December

% Change over prior week  

           

Value traded w/ended 7th December

 

% Change over prior week  

Nbr Trades YTD

Value Traded YTD

KAP

159

-32.6%

KZT 495,475,655

-14.9%

1648

KZT 2,421,765,090

KAP.Y

21

+75%

US$ 198,594.33

+294%

65

US$ 499,429.07

Tim Bennett, AIX’s CEO commented:

AIX is off to a good start in terms of rebuilding liquidity and interest in the Kazakhstan capital markets. Since its listing, the turnover of the shares of KAP has been 10.1%, surpassing the 9.45% for the GDR’s traded on LSE.

While a price differential1 has emerged between the KAP shares and GDR’s, this needs to be seen in the context of a rapidly appreciating and volatile stock price (KAP is up almost 11% since its IPO and traded in a 5% range last week), the cost and time taken for GDR and foreign exchange conversion, and different tax positions for some GDR holders. AIX is working with the depositary bank, Citibank, its banking partners and market makers to reduce this differential and ensure seamless convertibility for securities between AIX and LSE2.”

Notes:

1.         The differential in traded prices between Kazatomprom shares listed on AIX and  GDRs traded on the London Stock Exchange was 3.9% based on trading on the 7th December. Other issues traded on LSE and KASE have higher differentials and globally the differential between an underlying security and the GDR is between 2 and 13%. 

2.         The GDRs and shares of Kazatomprom are fungible with the GDRs and shares listed on AIX (or LSE in the case of GDRs) as is outlined in the Kazatomprom Prospectus. Upon receiving a request, AIX initiates the conversion with the GDR depositary bank, Citibank. To date, AIX has not received any formal request for conversion from any holder of GDRs or shares.

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