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Kazakh President Nursultan Nazarbayev Friday told his government to prepare state-owned power generator Samruk-Energy, electricity grid operator KEGOC and national postal service Kazpost for initial public offerings by the end of this year that will be aimed at local investors.

Nazarbayev also said companies including state oil and gas company KazMunaiGas, national rail monopoly Kazakhstan Temir Zholy and state nuclear fuel company Kazatomprom will likely be listed on the Kazakh exchange in 2012 or 2013.

"The people's IPOs will give hundreds of thousands of ordinary Kazakhs the chance to own shares of the largest companies and will serve as an instrument for investment and savings," Nazarbayev said.

He told the government that the offerings must be for ordinary Kazakhs and not for the rich.

The government has seen such a move as key for the development of the local stock exchange.

Major Kazakh companies that have listed their shares on stock exchanges have mostly preferred foreign listings to local ones. Kazakhmys PLC (LAZ.LN), Eurasian Natural Resources Corp. PLC (ENRC.LN), KazMunaiGas subsidiary KazMunaiGas Exploration Production, Kazakommertsbank and Halyk Bank (HSBK.KZ) are among the Kazakh companies listed on the London Stock Exchange.

-By Kadyr Toktogulov, Dow Jones Newswires; +7 495 232 9195; ira.iosebashvili@dowjones.com

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