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Kazakh fund Samruk-Kazyna plans to reduce number of companies

Kazakhstan Materials 7 October 2014 10:23 (UTC +04:00)
Kazakh Sovereign Wealth Fund Samruk-Kazyna joint-stock company plans to reduce the number of companies as part of the transformation program, chairman of board Umirzak Shukeyev said at the company’s transformation forum with participation of Kazakh President Nursultan Nazarbayev Oct. 6.
Kazakh fund Samruk-Kazyna plans to reduce number of companies

Astana, Kazakhstan, Oct. 7

By Daniyar Mukhtarov - Trend:

Kazakh Sovereign Wealth Fund Samruk-Kazyna joint-stock company plans to reduce the number of companies as part of the transformation program, chairman of board Umirzak Shukeyev said at the company's transformation forum with participation of Kazakh President Nursultan Nazarbayev Oct. 6.

"In general, we plan to reduce the number of the fund's companies twofold in the next three years from 600 to 300 and the number of management hierarchy levels from nine to four," he said.

"Previously, the fund realized a number of initiatives in the direction of transformations," he said. "In particular, the operating costs reduced by 128 billion tenge by introducing a single treasury function, e-procurement, non-core assets and implementing a new policy - investment and dividend policy."

These initiatives give an opportunity to determine the directions of the so-called rapid progress.

"First of all, the fund should focus on creating a new cost," he said. "The main purpose is to rapidly achieve the positive economic benefit in 2020. This will provide an additional contribution to the GDP worth two trillion tenge or $ 11 billion."

He also said that the fund's assets will be fully revised.

"It is proposed to determine an optimal portfolio structure through restructuring, privatization, merger and absorption, to get rid of inefficient assets in traditional sectors and to create new enterprises in energy, metallurgy, chemical industry, tourism and "green industry"," he said.

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