Kazakhstan's Samruk-Kazyna reduces number of subsidiaries

Business Materials 3 August 2018 12:28 (UTC +04:00)

Baku, Azerbaijan, Aug. 3


The number of subsidiaries of the Sovereign Wealth Fund (National Welfare Fund) Samruk-Kazyna JSC (SKKZ) has decreased by 47, the fund’s Managing Director for Strategic Development Baljeet Kaur Grewal announced Aug. 3.

Grewal noted that the number of subsidiaries of the holding has been reduced from 359 to 312.

"The fund intends to continue the privatization program, which includes the sale of 51 assets and disaffiliation with 102 non-strategic assets," she said.

The fund also intends to increase the profitability of its companies, to optimize the structure of portfolio of companies, to diversify the sources of income, Baljeet Kaur Grewal said.

In addition to the main strategic projects, the tasks for the the second half of the year for the development of Khimpark Taraz Free Economic Zone (FEZ) and National Industrial Petrochemical Technopark Special Economic Zone (SEZ) in Atyrau region have been defined.

The membership of Kazakhstan National Welfare Fund Samruk-Kazyna includes the largest Kazakh enterprises in oil and gas, transport and logistics sectors, chemical and nuclear industry, mining and metallurgical complex, energy, engineering spheres.