Samruk-Kazyna`s sale of assets to begin June 2014

Kazakhstan plans to begin the sale of assets of "Samruk-Kazyna" JSC from June, 2014, Deputy Chairman of the JSC Elena Bakhmutova said, trend.az reports.

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.

As reported earlier, the Kazakh government jointly with JSC has 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.