Kazakh National Fund to reduce number of subsidiaries

Kazakh National Fund to reduce number of subsidiaries

Baku, Azerbaijan, Aug. 10

By Elena Kosolapova - Trend:

Kazakh National Welfare Fund "Samruk-Kazyna" plans to reduce the number of subsidiaries by 2 times - from 600 to 300, Business Development Chief of the Fund Berik Beisengaliyev said at a press conference at the Central Communications Service Aug.10, the message published on the Central Communications Service said.

These measures will be taken within the framework of the transformation program of the fund, which aims to modernize the system of asset management, he said.

"It is planned to shift from the role of a passive shareholder to the role of an active investor within the framework of the transformation program of the fund," he said. "We will be organizing and implementing investment projects by ourselves."

Beisengaliyev also said the fund will focus its investments on the sectors which are new for the country.

In order to achieve these goals, a new investment strategy "Samruk-Kazyna" has been developed and priority sectors for investment will be identified.

National Welfare Fund "Samruk-Kazyna"" was created in accordance with the decree of the President of Kazakhstan in 2008 in order to improve the competitiveness and sustainability of the national economy. The fund brings together almost all of Kazakh state-owned assets and manages these assets on behalf of the government. KazMunaiGas NC JSC, the railway operator - Kazakhstan Temir Zholy JSC, Kazakhstan Electricity Grid Operating Company JSC (KEGOC), Kazakhtelecom JSC telecommunications operator, National Atomic Company "Kazatomprom" JSC are among these assets.

Edited by CN

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Follow the author on Twitter: @E_Kosolapova

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