Kazakh Wealth Fund Orders BTA, Oil Unit to Sell Non-Core Assets

Jan 25. Bloomberg

By Svetlana Antoncheva

Kazakh’s sovereign wealth fund ordered BTA Bank (BTA), which is seeking a second debt restructuring in as many years, to sell construction assets as part of a move to make state-controlled companies more efficient.

The state oil and gas producer KazMunaiGaz National Corp. and railway monopoly Kazakhstan Temir Zholy will also divest investments that aren’t in line with the companies main activities, Umirzak Shukeyev, the head of the Samruk-Kazyna fund told reporters today in the capital, Astana.

BTA, KazMunaiGaz and KTZ “used to invest in non-core objects, which now are pulling them down,” Shukeyev said, without giving an estimate of the proceeds or timing. “That’s why we will get rid of them, but not simultaneously.”


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Deputy Chairman of Board of Samruk-Kazyna Fund appointed


Muratbek Makulbekov

Yelena Bakhmutova has been appointed one of the deputy chairmen of the Board of Samruk-Kazyna National Welfare Fund.

Head of the Fund Umirzak Shukeyev has announced after an awarding ceremony of winners of the national contest “Innovative Kazakhstan.”

U.Shukeyev informed that Y.Bakhmutova will be responsible for banks, funds, development institutions, which are under management of Samruk-Kazyna Fund, – the sphere related to financial assets.

Earlier Y.Bakhmutova held a number of senior positions such as Chairwoman of the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations and head of Samruk-Kazyna Finance company.