«Samruk-Kazyna» JSC started the implementation of anti-crisis measures, the Chairman of the Management Board Umirzak Shukeyev said at a meeting of the government of Kazakhstan.
“Due to the negative trends in the global economy, business plans of the companies will be revised. In particular, it is planned to reduce the current costs against the approved plans by 337 billion tenge. At the same time, the prime cost will be reduced by 249 billion tenge, general administrative expenses – by 64 billion tenge, or 16.6 percent. Capital expenditures will be reduced against the approved plans by $1.3 billion, or 18 percent,” Mr.Shukeyev told.
According to him, it is planned to reduce the fund's investment program by 18%.. Expenses of companies in chemical, mining, construction, transport, oil and gas sectors will be minimized as well. However, this will not affect major projects of the State Program of Industrial and Innovative Development, «Nurly zhol» program, EXPO-2017 and other strategically important projects.
As the Chairman noted, «Samruk-Kazyna» JSC will shift its focus to the transformation of business.
«The transformation process initiated by Head of State on October 6, 2014 is the basis for the development of the fund. It will boost company's immunity to crisis situations. Therefore, despite the current deterioration in the economic parameters we are determined not to stop this program,» CEO of the Fund added.
The detailed roadmaps of transformation for the next 3 years have already been approved for all the companies. The fund is to be transformed into a strategic holding/active investor based on the model of the best international analogues.
The fund launched work on re-engineering of business processes and the transition to a model of strategic holding/active investor on the example of the best international peers.
«In 2015, we will launch operating transformation in 10 large companies, analyze and revise more than 8 thousand processes for companies. We will introduce a new KPI system, grading wage system, 10 HR-initiatives. It is planned to create a common center of IT-services within the group, which will save almost 70 million US dollars. The number of companies will be reduced fr om 600 to 500,» U.Shukeyev added.
Head of the Fund also stressed that the privatization program will be also implemented in 2015.
«In 2014, as part of the privatization program it is planned to implement 64 assets, wh ere 12 assets with a total income of 4.1 billion tenge (at an estimated cost of $ 2.5 billion tenge) were sold, sales contract on 12 companies with total amount of 20.3 billion tenge are under signing. 10 large companies and 24 medium-sized assets are under implementation. Bidding for the five assets are transferred to 2016. In the current year the Fund plans to sell 17 more assets,» the Chairman of the Management Board of «Samruk-Kazyna» JSC told.