AKIPRESS.COM - Kazakh sovereign wealth fund Samruk-Kazyna aims to raise $3 billion to $5 billion from its sale of up to 25 percent in state-owned KazMunayGaz next year, the fund’s managing director said on Friday.

The government has not till now given a valuation for the initial public offering in the state energy firm, the biggest asset being put up for sale in its privatisation program, Reuters reports. 

The IPO plans had been delayed until beyond 2019, partly due to tepid investor interest in IPOs.

Samruk-Kazyna Managing Director Almasadam Satkaliyev told reporters the sovereign fund would list smaller assets such as and Air Astana before floating the energy company.