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LSEG Kazakhstan IPO Forum - 12 November 2014

London Stock Exchange, the Kazakhstan Stock Exchange (KASE), and Morgan Lewis hosted the Kazakhstan IPO Forum at The Ritz-Carlton, Almaty on 12 November 2014. The Forum explored the latest trends and developments in Kazakhstan’s capital markets, equity capital-raising options in the UK for Kazakhstani companies, and various aspects of IPO preparation.

Speakers from London Stock Exchange, KASE, Morgan Lewis, Deloitte, Deutsche Bank and EM, as well as other capital markets experts, shared their knowledge and experience on the following topics:

  • Listing options and requirements for listing on London Stock Exchange and KASE
  • The oil & gas, mining and banking sectors
  • Key issues in preparing for an IPO, including offering structures, corporate governance, and financial statement requirements
  • The IPO process, including key stages, steps, and timing
  • Post-IPO obligations and considerations

Please click here to view the full agenda.

Please click on the relevant link below to view the presentations:

  1. Accessing the Global Markets Through London - Ayuna Nechaeva, Business Development Manager, London Stock Exchange
  2. Listing on KASE - Galina Tsalyuk, Managing Director, KASE
  3. Depository receipts: general and specific provisions - Boris Guskov, Vice-President, Depositary Receipts, Deutsche Bank
  4. Corporate Communications & PR for Issuers - Jeroen van de Crommenacker, Senior Capital Markets Advisor, EM
  5. Preparation for an IPO - Jim Brown, Director, IPO Services, Deloitte UK
  6. IPO Process - Carter Brod, Partner, Morgan Lewis
  7. Life as a Public Company - Jon Edwards, Head of Primary Markets – Emerging Markets, London Stock Exchange

Please see below a list of speaker biographies.

Dameliya Batpen

Vice President, ScholzvonGleich

Dameliya BatpenDameliya Batpen is an experienced investment banking professional, and Head of the Astana office of ScholzvonGleich since 2013.

Dameliya started her career in investment banking in 2006, when she became a member of the small core execution team at the Lead Manager of the largest Central-Asian dual-listing, the USD 2.3 billion IPO of KazMunaiGas EP in London and Almaty, gaining a thorough understanding of international best IPO practice and the domestic capital market regulation and institutions. Dameliya subsequently also participated in other groundbreaking capital market transactions, including the USD 350 million buy-back program for KazMunaiGas EP’s common shares, and the preparation of the USD 590 million listing of the preferred shares of KazMunaiGas EP on the Kazakhstan Stock Exchange (“KASE”) - creating the most liquid share listing on the Kazakhstani domestic market.

Dameliya’s main professional focus has been on public and non-public capital market transactions such as IPOs, secondary offerings, stock exchange listings, dual listings, block trades, buy-back programs, and private placements on both domestic and international stock exchanges and markets, including the London Stock Exchange, AIM, Hong Kong Stock Exchange, and Kazakhstan Stock Exchange. Additionally, Dameliya has been working on various large and medium-scale Mergers & Acquisitions transactions across industry sectors, including Kookmin Bank’s USD 1.27 billion acquisition of a majority stake in Bank CenterCredit in Kazakhstan.

Dameliya holds a BSc in Accounting and Finance from KIMEP, and an MSc in Global Banking and Finance from the European Business School in London.

Dejan Borisavljevic

Vice President – ECM, Citi

Dejan BorisavljevicDejan is a Vice President in Equity Capital Markets covering Russia, CIS and South Africa with over 7 years of experience in capital markets and investment banking. He joined Citi from Dresdner Kleinwort where he worked in various roles including in equity syndicate, equity-linked and Emerging Markets ECM. He holds a Masters in Business Administration from Aarhus Business School, Denmark and University of Technology Chemnitz, Germany.

Carter Brod

Partner, Morgan, Lewis & Bockius

Dameliya BatpenCarter Brod is a U.S.- and English-qualified attorney focusing on international securities offerings.  Mr. Brod's experience includes representation of underwriters and issuers—including corporations, banks, and sovereigns—on a range of capital markets transactions, including offerings of shares, GDRs and ADRs, Eurobonds, high yield notes, equity-linked instruments, and regulatory capital instruments. His experience includes U.S. offerings pursuant to Rule 144A, offerings outside the United States under Regulation S, traditional private placements, and U.S. SEC-registered offerings. Mr. Brod also advises clients on liability management transactions, including debt tender offers, consent solicitations, and exchange offers.  Most of Mr. Brod’s transactions have involved listings on the London Stock Exchange or other European stock exchanges.

Mr. Brod has extensive experience advising on transactions from Kazakhstan, having recently advised, among others, the Republic of Kazakhstan, Kaspi Bank, Intergas Central Asia, Kazakhstan Temir Zholy and Kazatomprom on international securities transactions.

Jim Brown

Equity Capital Markets Director, London

Jim BrownJim is a director in the Deloitte IPO Services Team and has 11 years of transaction services experience at Deloitte, working principally on equity capital market (ECM) transactions.

His recent ECM transaction work includes the Premium listings of Zoopla property search site and Foxtons Estate Agents, the Dixons Carphone integration and the Premium Step-up for Entertainment One. He has also worked on ECM transactions in the mining, telecoms and insurance sectors.

He has had a significant role in developing the Deloitte IPO readiness approach, working with companies from the start of the IPO preparation phase through to the completion of the transaction.

Jon Edwards

Co-head, Emerging Markets, Equity Primary Markets, London Stock Exchange

Jon Edwards is responsible for developing the London Stock Exchange's business in Russia and the CIS. Mr. Edwards has been working to promote both Main Market and AIM to Russian and CIS companies and advisors.
 
One aspect of his work is facilitating communication between the City investment community and the CIS countries. Mr. Edwards is a frequent traveller to Russia, Kazakhstan and Ukraine and has also organized conferences in London to promote CIS companies to the investor community in the UK.
 
Mr. Edwards studied at Columbia University where he received his BA degree in Russian studies and joint JD/MBA degree in business and law. He joined the London Stock Exchange in August 2003, before which he worked on private equity transactions for Incepta Ventures UK Limited, Delta Capital and BNP-Invest. Mr. Edwards has more than fifteen years of experience working with CIS companies in the natural resources, consumer products, real estate and TMT sectors.

James Ferguson

Partner, Deloitte

james fergusonJames is an international tax partner with 23 years’ experience in the UK and international markets, having worked in the Johannesburg office for one year and the Moscow office for four. 

As a CIS partner James focussed on strengthening the partner team, embedded new TP and E&R leaders into the practice and led major relationships, such as Polyus Gold, Bosco, Ruspetro, Metinvest, Evraz and Kazakhmys whilst also developing new relationships with Alrosa, Nordgold, Norilsk Nickel and Polygon.  James leads the CIS international markets group in the UK developing strategy, financial reporting, thought leadership and locally managing secondees.

James is the equity capital markets tax lead for a focus group of tax partners, widening the sector focus, integrating with the transaction services team, raising awareness amongst the partner group.  James has provided tax advice, structuring and readiness reviews with respect to IPOs, having recently advised Zoopla on entry to the FTSE250, and Polymetal on entry to the FTSE100.  James’s major clients include the World Gold Council, Dixons Carphone, PCCW and a number of UK high net worth individuals.

Recent experience includes Carphone Warehouse’s disposal of US assets and subsequent return of capital to shareholders; Various M&A transactions for AMED; Advising a major mining company on litigation and mediation in West Africa; Advising a UK telecoms group on acquisitions and structuring into Africa; and, Advising on the relocation of a number of brands and consumer trademarks for an international retailer.

Maxat Kabashev

President, Kazakhstan Stock Exchange

Maxat KabashevMr. Maxat Kabashev has assumed charge as President of Kazakhstan Stock Exchange (KASE) on March 05, 2014. Prior to being elected as KASE President for the last five years Mr. Kabashev was Chairman of the Management Board of "Alliance Bank" JSC.

Throughout his career he held leading positions in the national and private companies of the financial and real sectors of the economy, as well as gained policy level experience in the government of the Republic of Kazakhstan.

During the course of 2008-2009 Mr. Kabashev was a Chairman of the Management Board of the "Investment Fund of Kazakhstan" JSC and the Chairman of the Management Board of "Distressed Assets Fund" JSC. Prior to that during 2004–2006 he held leading positions in the "National Innovation Fund" JSC and the "Sustainable Development Fund "Kazyna" JSC. Mr. Kabashev also served as a Chairman and a member of the Board of Directors of the "Investment Fund of Kazakhstan" JSC and a member of the Board of Directors of "Astana-Finance" JSC.

Earlier in his career he worked at the Ministry of Industry and Trade and Ministry of Energy and Mineral Resources of the Republic of Kazakhstan that was preceded by an extensive work experience in the national oil and gas companies.

Mr. Kabashev holds an MBA from Massachusetts Institute of Technology (MIT) Sloan School of Management. He is also a graduate of technical universities in Russia and Kazakhstan.

In 2009 Mr. Kabashev was awarded the Order of Kurmet by the government of Kazakhstan (awarded to Kazakhstani citizens for significant contribution in the fields of economics, science, culture, social issues, and education).

Peter Lane

Independent Director, KMG

Peter LanePeter was elected to the Board of Directors in 2008. He has also worked as economic adviser of Treasury, UK Ministry of Finance. He has worked for 13 years in Royal Dutch Shell Company, holding leading positions in various countries, including Chief Executive Officer position of East-Caribbean region and position of Director in Shell UK Oil. In 1994 he was appointed as a Director of Lloyd's of London in London and he was a key person in successful implementation of the reconstruction and recovery program, which helped the company to hold their previous position in the market. He also was a Director of Lloyd's of London in Japan. After that he was appointed as a Managing Director of Lloyd's of London in USA, which helped to restore the position of Lloyd's of London in this key market. Later he worked as a Chief Executive of Exchange Insurance Company, which he left by his own will in 2007. From 2008 to the present day he is a Chairman of the Management Board of Fishergate Limited Company and from 2009 he is a Chairman of the Management Board of Strathearn Capital Limited Company.

Ayuna Nechaeva

Business Development Manager, Emerging Markets, Equity Primary Markets, London Stock Exchange

Ayuna NechaevaAyuna Nechaeva is responsible for London Stock Exchange’s business development activities in CIS and Asia-Pacific. Ayuna advises corporates in these regions on the process of listing on the London Stock Exchange, equity capital raising, IPO preparation and corporate governance. Ayuna also manages and develops the 100+ network of existing listed clients.

Prior to joining LSEG, Ayuna worked at BBC Monitoring in Moscow and the UK.

Ayuna Nechaeva holds a Master’s in International Business from Grenoble Graduate School of Business as well as MA in Linguistics & Intercultural Communications from the Lomonosov Moscow State University.

Stefan Scholz

Managing Partner, ScholzvonGleich

Stefan ScholzStefan Scholz is a senior investment banker with a successful track record of over 20 years in banking, and extensive experience gained at both Dresdner Kleinwort Benson and JPMorgan in the origination and execution of investment banking transactions across different industries in North America, Europe, the Middle East, Africa and Asia.

From 2006 to 2011, Stefan built up the leading local investment banking franchise in Central Asia, closing transactions in excess of USD 12 billion including the USD 2.3 billion dual-listing IPO of Kazmunaigas EP in London/Almaty, and being voted “Best Corporate Finance and M&A Team” and “Best Investment Bank in Kazakhstan” by EMEA Finance Magazine in the CEE & CIS Banking Awards 2009 and 2010.

Stefan co-founded ScholzvonGleich ("SvG") in 2011 in response to the increasing need for an independent firm in Kazakhstan to provide professional financial advisory services in relation to Equity Capital Markets, Debt Capital Markets, Mergers & Acquisitions, Financings, Restructurings, Privatizations, and related matters to corporations, individuals, governments and other clients.

Stefan has executed IPOs, stock exchange listings, secondary listings, and buy-back programs of depository receipts, common shares and preferred shares valued in excess of USD 6 billion in Europe, the US and Central Asia since 1999, and he has been advising a large number of clients worldwide on equity and debt capital market transactions on various exchanges and markets such as the London Stock Exchange, AIM, New York Stock Exchange, NASDAQ, Frankfurt Stock Exchange, Vienna Stock Exchange, Hong Kong Stock Exchange, and Kazakhstan Stock Exchange (KASE).

Stefan studied Economics and Business Administration in Germany and the UK and holds a full-time MBA from the Henley Management College. He was a long-standing member of the International Advisory Board to the Agency of the Republic of Kazakhstan for the regulation of activities of the Regional Financial Centre of Almaty (RFCA) and is a regular honorary speaker at major international conferences.

Aset A. Shyngyssov

General Director / Managing Partner, Almaty & Astana Offices, Morgan, Lewis & Bockius

Dameliya BatpenAset Shyngyssov is a partner in Morgan Lewis's Business and Finance Practice and Managing Partner of the firm's Kazakhstan offices.  Mr. Shyngyssov's practice focuses on mergers and acquisitions, financing and capital markets matters and he has experience in complex transactions in various industries, including oil and gas, energy, banking and telecommunications, both in Kazakhstan and throughout the Central Asia.

Mr. Shyngyssov has been consistently featured in Chambers Global, Legal 500, and other relevant law directories for his experience in natural resources, corporate, and commercial law in Kazakhstan.

Galina Tsalyuk

Managing Director, KASE

Galina TsalyukG. Tsalyuk began her professional career in 1980 and has five years of experience as chief accountant in industry and information activities. At the beginning of 1998 she commenced work on Almaty Financial Instruments Exchange CJSC (AFINEX).

After consolidation of AFINEX with Almaty Financial Instruments Exchange CJSC in 1999 she became head of the Listing division. With her participation the Listing Rules as well as other regulatory documents of Kazakhstan Stock Exchange JSC were drawn up. She was a member of several work groups which were created for purpose of developing the regulated stock market of Republic of Kazakhstan in various periods of time, beginning from 1999.

Since 2007 she has been head of Listing Department of Kazakhstan Stock Exchange JSC, she is Chairman of the Committee on Financial Statements and Audit of Issuers of the Exchange's Board of Directors.

Jeroen van de Crommenacker

Senior Advisor Capital Markets, EM

Jeroen van de CrommenackerJeroen van de Crommenacker is a Senior Advisor Capital Markets for EM. Headquartered in London, EM is the leading independent financial and corporate communications agency focusing on Russia and the CIS, offering financial PR, investor relations, IPO and M&A transaction support, crisis communications, reputation management and strategic advisory services.   Jeroen joined EM in 2013, after 13 years at ING Bank (formerly ING Barings) in the Emerging European Equity Capital Markets and M&A teams. At ING, Jeroen helped to raise over US$10 billion across 100+ transactions for landmark issuers out of Russia and other countries in the CIS and Central and Eastern Europe, including five IPOs out of Kazakhstan on the London Stock Exchange.

Jeroen has extensive product expertise across the ECM spectrum including IPOs, secondary capital market raisings and sell-downs through equity and equity-linked transactions, and played a leading role in defining issuer investor communication strategy surrounding ECM Offerings.

Jeroen is a former London Stock Exchange Qualified Executive and London AIM Nomad, and has extensive experience of capital raisings on the US, European, Russian and domestic CEE markets.