The assets of «Samruk-Kazyna» group of companies will be ready for privatization by December 15 upon the approval of the list by the Government of Kazakhstan, Chairman of the Management Board of «Samruk-Kazyna» JSC Umirzak Shukeyev told at the Government meeting on the execution of Kazakh President Nursultan Nazarbayev’s instructions.
The Fund and companies carry out the preparatory work for large-scale asset restructuring in the framework of privatization. In selecting companies for the privatization the fund is guided by two key principles: the core business and the economic value added (EVA).
«After the approval of the list of assets by the decision of the Government of the Republic of Kazakhstan by December 15 we will be ready, and together with independent consultants will evaluate assets and develop proposals on their implementation,» Umirzak Shukeyev reported.
It is noted that the privatization will allow transfer non-core assets in a competitive environment under the control of private management. At the same time, it will free the resources of the national companies to focus on core activities and new projects.
At the same time, for a productive pre-IPO necessary to change sectoral legislation to eliminate the delays in the implementation process. In this direction the work with relevant ministries is underway.
Within the transformation of group of companies Mr Shukeyev presented new operational model of “Samruk-Kazyna” JSC.
Under the new business model organizational structure has been upd ated. It defines new requirements for each position, and especially to the key decision-making positions. Currently, each employee is assessed against new requirements of the position. This work will be completed by April 1, 2016.
The same work will be done in all subsidiaries during the second quarter of 2016.
In addition, a new procurement concept approved by the Board of Directors of the Fund will be introduced over the next year.
Pursuant to the instructions of the Head of State to ensure systematic sponsorship and charity projects full sponsorship and charitable activities will go through a single operator of «Samruk-Kazyna” group of companies - «Samruk-Kazyna Trust».
“Samruk-Kazyna Trust” activities:
— Assistance to socially vulnerable groups,
— Development of human potential,
— Investing in the sustainable development of society,
— Support for regional and business initiatives,
— Increasing the investment attractiveness of Kazakhstan by promoting sports brand «Astana».
President also se t a task to optimize foreign representative of the Fund. Given that the representation offices perform basically similar functions, with rare exceptions are not part of the production processes of fund companies it is planned to unify offices in a single system.
In this regard the Fund has developed a roadmap for the adoption of measures with specific deadlines, including a list of foreign representative offices of subsidiaries to close, as well as proposals for the transfer of their functions to «Samruk-Kazyna». The company is committed to provide measures to close non-productive offices before the end of the first quarter of 2016.