Astana, Kazakhstan, Feb.6
By Daniyar Mukhtarov - Trend
The Kazakh national holding Baiterek expects to get a total net profit to the sum of 40 billion tenge ($1 - 155.68 tenge) from its subsidiary enterprises as of 2013, head of the holding, Kuandik Bishimbayev said on Feb.6 speaking at the expanded board meeting of Kazakhstan's Ministry of Industry and New Technologies with the participation of the country's Prime Minister Serik Akhmetov.
"The planned total net profit of subsidiary organisations is expected to stand at 40 billion tenge as of 2013 which is 415 percent more than was expected at the time of creating the holding at 6.5 billion tenge," the holding's head said.
Companies which are the part of Baiterek holding received 17 billion tenge profits in 2012, which is 135 percent less than in 2013.
Bishimbayev recalled that the Baiterek holding founded in May 2013 included 10 companies participating in the state programmes on stepped-up industrial development.
The analyses of the financial status of each 10 subsidiary companies became the first step in the holding's work. There was then the introduction of a unified planning system and centralised management of financial resources on its results," the holding's head said.
Baiterek National Managing Holding was established in accordance with a decree of the Kazakh president as of May 22, 2013. The purpose for establishing the holding was to promote the development and diversification of the economy, attract investments and to improve the corporate governance system in its subsidiaries.
The holding's trust management includes 10 state financial institutions such as the Development Bank of Kazakhstan, Housing Construction Savings Bank of Kazakhstan, KazExportGarant, DAMU Entrepreneurship Development Fund, National Agency for Technological Development, Investment Fund of Kazakhstan, Kazyna Capital Management, Distressed Assets Fund, Kazakhstan Mortgage Guarantee Fund and Kazakhstan Mortgage Company.
Translated by L.Z.
Edited by S.M.