National Company Kazakhstan Temir Zholy (KTZ, a subsidiary of Samruk-Kazyna) will place its ordinary shares and global depositary receipts on the Astana International Exchange (AIX), the London Stock Exchange (LSE) and the Hong Kong Stock Exchange (HKEX), according to a document published by KTZ following the general shareholders' meeting held on June 29. This was reported by Qazaqyia.kz citing Kursiv Media.

Samruk-Kazyna approved a new version of KTZ's charter at the meeting (the old one was approved by the Samruk-Kazyna board on May 27, 2022). The new charter takes into account the requirements of the Hong Kong Stock Exchange. The main corporate governance approaches under the new charter will be submitted for consideration by the state commission on economic modernization and the board of directors of Samruk-Kazyna.

In addition, a list of issues requiring approval by KTZ shareholders and independent directors under the listing rules of the Hong Kong Stock Exchange was approved.

The decisions to approve the new charter of KTZ and to invalidate the current charter take effect from the date of the national company's IPO on the three stock exchanges.

"Paragraphs 1 and 2 of this decision (on the entry into force of the new charter of KTZ and the invalidation of the current charter) shall enter into force from the date of the initial public offering of shares and depositary receipts of KTZ on the Astana International Exchange and depositary receipts of KTZ on the Hong Kong Stock Exchange and the London Stock Exchange, provided there are no negative decisions of the state commission on economic modernization of the Republic of Kazakhstan and the board of directors of Samruk-Kazyna in accordance with paragraph 4 of this decision (consideration at a meeting of the state commission on economic modernization and the board of directors of Samruk-Kazyna)", the decisions adopted following the shareholders' meeting state.

Earlier, it was reported that KTZ plans to place 25% of its shares on the London Stock Exchange and on the Kazakh stock market.

There are two stock exchanges in Kazakhstan – the Kazakhstan Stock Exchange (KASE) and the Astana International Exchange (AIX).

Under historically applicable norms in Kazakhstan, a Kazakh issuer must offer at least 20% of shares/GDRs of the total IPO volume on the domestic market – this norm was in effect until January 1, 2026. From January 1, 2026, this share increased to at least 30%.

Thus, when KTZ goes public, at least 30% of the shares or 7.5% of KTZ shares (30% of the 25% stake) will be placed on AIX.

Earlier, KTZ Chairman Talgat Aldybergenov said that the IPO, during which investors will be offered 25% of shares, will take place in London, Hong Kong and Kazakhstan, but did not specify which platform in Kazakhstan.

On July 8, Talgat Aldabergenov was dismissed from his post, and Bauyrzhan Urynbasarov was appointed acting chairman.

KTZ earns a significant portion of its revenue from servicing the transit of goods from China to Europe and back. At the same time, the national company expects to make the transportation of social goods, including coal, within Kazakhstan profitable. To do this, the regulator must approve the monopolist's application to increase tariffs.

In addition, passenger transportation is unprofitable for KTZ. KTZ tries to cover unprofitable activities through income from freight transportation for export and transit. KTZ's subsidiary, Passenger Transportation, previously reported losses of 25.1 billion tenge for 2025.