Economy • 03 August, 2018

In first half year 2018, number of subsidiaries of Samruk-Kazyna Fund reduced from 359 to 312

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August 3 at the press conference in the press center of the Government, Managing Director for Strategic Development at Samruk-Kazyna JSC Baljeet Kaur Grewal told about the results of structural changes in the Fund as part of the new development strategy for the first half of the year.

According to Grewal, as part of the strategy approved by the Head of State in April 2018, the Fund has three strategic goals.

"It is the efficiency of our companies, portfolio management and sustainable development. We want to achieve these strategic goals through four strategic initiatives. These are increasing the profitability of our companies, streamlining of the structure of our portfolio, diversification of income and enhancing corporate governance and sustainability," she said.

As Grewal noted, the fund has already started implementing the strategy and has received positive results since the beginning of 2018. In particular, the number of subsidiaries of the holding was reduced from 359 to 312, 15 assets were sold for a total of 28.5 billion tenge. In this direction, Samruk-Kazyna Fund intends to continue the privatization program, which includes the sale of 51 assets and the withdrawal of 102 non-strategic assets.

"The implementation of our strategy in the first half of 2018 has yielded positive financial results. The second half of this year will continue to focus on strategic initiatives, which include the IPO of our three national companies, the sale of non-core assets, reduction of layers in management, as well as the attraction of strategic investors into our portfolio companies," the Fund's managing director said.

At the same time, Grewal clarified the concept of the Future Generations Fund, which is planned to be created within the framework of the new strategy. So, she said, if earlier the Fund's mandate was only the creation of well-being, then under the new strategy, it has a dual role.

"This is the creation and preservation of the wealth of Kazakhstan for future generations. We will diversify our balance sheet, further ensure the flow of financial resources to Kazakhstan. In addition, we plan to increase the amount of dividends paid to shareholders of the company, to preserve well-being for future generations. This goal of the Future Generations Fund is similar to the world’s other wealth funds," Grewal said.

Recall, in April 2018, at the meeting of the Management Board of the Sovereign Wealth Fund "Samruk-Kazyna," the Chairman of the Board Akhmetzhan Yessimov presented a new development strategy of the Fund to the President of the country.

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