Investment Fund Of Kazakhstan Has Sold 39% Of Shares Of MYRZABEK ALTYN TAS GROUP JSC

Kazakhstan: Pension Funds Lost in Azerbaijan Venture

“Investment Fund of Kazakhstan” JSC (hereinafter referred to as – IFK), subsidiary of “Baiterek” Holding, takes measures to transfer assets into competitive environment under the Comprehensive plan of privatization for 2016-2020, approved by a decree of the Government of the Republic of Kazakhstan.

According to trading of price decrease IFK has sold 39% block of shares of “MYRZABEK-ALTYN TAS GROUP” JSC.

Estimated value of the project is KZT 191,104,000. Selling price is KZT 98,101,726. Trade winner is “STEEL EXTRADE” LLP.

Trades were held on the portal of “Information-accounting center” JSC (gosreestr.kz), in accordance with the decree of the Government of the Republic of Kazakhstan No 802 dated 15.07.2011 “On appointment of the united operator in the sphere of state property accounting”.

The project “MYRZABEK ALTYN TAS GROUP” – is an ongoing business, producing gravel of different fractions. Rubble concrete continuous stone is used as raw material. At present time the project needs for modernization by way of acquisition of new equipment and machines, reconstruction of manufacturing complex of the company.

As IFR reported, one of the main tasks of the Investment Fund is reestablishment of bad assets with the following realization to recover public funds contributed earlier to production facilities.

“Investment Fund of Kazakhstan” JSC was founded in the framework of implementation of Strategy of Industrial-Innovative Development in 2003. In accordance with Development Strategy of the IFK accepted in 2014, its major purposes are asset restructuring, conducting of claim related work, distressed asset management. The sole shareholder of the IFK is “National Managing Holding “Baiterek” JSC.

Share