Samruk-Kazyna JSC has presented eight largest companies for Chinese investors and investment banks at the Kazakhstan Investor Day in Hong Kong.
The fund is gauging demand from fund managers and other institutional investors for potential listings from flag carrier Air Astana, uranium miner Kazatomprom and Kazakhtelecom. Five smaller companies are likely to sell stakes to strategic buyers.
The size of the stakes to be sold varies, ranging from 26 percent for Kazakhtelecom - in which Samruk-Kazyna now owns 51 percent - to 100 percent for some other state-run companies up for sale.
"It's not decided yet who will go first, because the preparation procedures, like due diligence, have just started in Air Astana and Kazatomprom," Dauren Tasmagambetov, the head of asset restructuring and privatization at Samruk Kazyna, said.
No decision has been made where the companies will list, Tasmagambetov told, but Air Astana has mentioned Hong Kong, London or Singapore as possible.