Samruk-Kazyna`s sale of assets to start soon
Kazakhstan plans to begin the sale of assets of "Samruk-Kazyna"
JSC from June, 2014, Deputy Chairman of the JSC Elena Bakhmutova
said.
The rules of the sale of JSC`s assets will be approved by mid-June,
Bakhmutova said, speaking at the Astana press-conference dedicated
to the establishment of the management committee on the
implementation of assets of the JSC group of companies.
The Kazakh government jointly with JSC has earlier developed the
program of privatization for 2014-2016 within the framework of
implementation of the relevant orders of the country's
president.
The final list of companies included in the "Samruk-Kazyna", which
will be transferred to the competitive environment, was approved in
accordance with the Kazakh government dated May 12, 2014.
The rules envisage such core principles as transparency of the
privatization process, the legitimacy of the sale of assets and
facilities, and economic feasibility of the conducted
activities.
"The rules were originally developed with the aim to use the
technologies that can ensure the activities' transparency.
Regarding the legal principles and economic feasibility, it means
that first, all the assets offered for sale will be subjected to
adequate legal expertise of independent experts," Bakhmutova
said.
"Secondly, we clearly denote that the fund intends to sell assets
not less than their fair value determined by independent
estimators. The sale of assets at unreasonable prices for the sake
of the sale will not happen. If some assets are not in demand, then
the relevant authorities of the fund and subsidiary companies will
take decisions regarding the given property," she explained.
It is planned that the shares of the JSC in the National Company
Kazakhstan Temir Joly (Railway), two companies of "National Atomic
Company "Kazatomprom" JSC and four companies of JSC "Kazakhstan
Engineering" will be sold in June and July.
At the same time, the deputy chairman of JSC stressed that the fund
intends to sell assets not less than the fair value determined by
independent estimators.
"The released funds will be allocated for the implementation of the
main objectives of the fund," she said.