Samruk-Kazyna decided on main development directions

Samruk-Kazyna National Welfare Fund defined the main directions of its development, Tengrinews.kz reports citing deputy chairman of Samruk-Kazyna Kuandyk Bishimbayev. Forming up the "national champions" is one of the company’s priority directions. “Speaking of building up the "national champions", we have to say that our national companies have to comply with such criteria as high operational efficiency, i.e. they have to be economically efficient, first of all, performance and profitability, high financial sustainability, high innovative development level, transparent and optimal assets structure. Efficiency of the boards has to be increased as well as the companies’ sustainability,” Bishimbayev explained. Forming the "national champions" also includes restructuring of assets. After all the assets are analyzed we will restructure all the non-core assets. The Fund will develop several projects to sell the non-core companies. “We will either offer them for privatization or take them to the stock market under the People’s IPO program or just close them or find some other use for them,” Kuandyk Bishimbayev said. He noted that the main principle of restructuring includes focusing, i.e. defining the usefulness of one or other asset for performance of the main activities. “The Fund will play an active role in bringing to order the structure of the company owning non-core assets. Non-core activities distract the company’s resources, both human and financial, from the main operational activities,” Bishimbayev said. It has always been said that Samruk-Kazyna would leave the banking sector in the medium-term perspective. “We have already said that we are present in the banking sector only until the situation stabilizes. That’s why we suppose that we will leave the banking assets in some time, by putting them up at the market or transferring them to private management, so that the banks can switch to the normal operation,” he said. Increasing financial efficiency of the companies, development of innovations in affiliated companies and implementation of the active personnel policy also play an important role in forming up the "champions". Besides forming the "national champions", the Fund’s main strategic directions also include diversification and modernization of the national economy and social liabilities.