The funds will be allocated for perspective projects

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25 December 2014

Speaking of the risks of the current privatization, one should not expect that all the assets of privatization will find their owners at once.

The most important thing now is to place them for bidding, and the market will define the time frame for sale. According to the plan, most of the assets should be sold within three years.

- As of now, we have sold nine assets by means of direct sales, auctions and with the pre-emptive right. These are organizations specializing in repair and maintenance, service and security organizations. If we sum it up, the starting price of all assets was about 1,9 billion Tenge, and the revenue was slightly more than 3,5 billion. In my opinion, this is a good indicator for a start. However, it is too early to review the results. I think, by January the number of assets sold will increase and the revenues from sale are not final, it will grow – says financial director – member of the management board of the«Samruk-Kazyna» JSC Nurlan Rakhmetov.

- Clearly, our Fund plans to get rather good revenues from selling these assets. What will be these funds used for? Usually, any businessman, who sells an asset, tries to invest into business development, meaning specifically investing, rather than spending it for operational expenses. So, in simple terms, this is a common investment project. We have a big portfolio of such projects in the Group of the Fund. All this money will be invested in implementation of perspective investment projects in the next 10 years. Total portfolio of such project currently is 150 billion USD. In general, it can be said that money of the sold assets we plan to invest in perspective investment projects, - says Rakhmetov.

Source: Aykyn

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