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Samruk-Kazyna to have its companies get rid of non-core business

26 january 2012, 00:04
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Samruk-Kazyna Chairman of the Board Umirzak Shukeev. ©Yaroslav Radlovsky
Samruk-Kazyna Chairman of the Board Umirzak Shukeev. ©Yaroslav Radlovsky
Companies that are part of the Samruk-Kazyna Sovereign Wealth Fund will only be dealing with core assets, Tengrinews.kz reports, citing the Fund’s Chairman of the Board Umirzak Shukeev.

“Non-core business is not good. A special council [within the Fund] is considering all the companies that are part of the Fund; it concerns not only BTA, but also KazMunaiGas National Oil and Gas Company, Temir Zholy National Railways Operator. At different times these companies invested into a range of facilities that are now dragging them down economically. We will have the companies get rid of such non-core assets. It is not going to happen overnight. We will be doing that with due consideration of the market value of the assets … and with due consideration of possible social consequences … For instance, banks shouldn’t be exposed to construction to a great extent. All of us have been witnessed what happened when the banks were heavily exposed to construction. We are still struggling to solve problems related to owners of prepaid apartments [still under construction following the credit crunch and further bankruptcy of many construction companies]. Such owners of these very apartments are victims of non-core businesses”, Mr. Shukeev told in Astana January 25.

As far as the BTA Bank is concerned, Mr. Shukeev commented that “[the fate of the Bank] depends on the decision on the second debt restructuring that is yet to be taken. The Fund has made a suggestion to be considered by the Bank’s creditors; the latter are now discussing the suggestion. Should the decision be taken that debt restructuring is needed, the Fund will surely make its contribution. What this possible contribution may be like – depends in the talks”.

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