Economic benefit from Samruk-Kazyna’s transformation to exceed 1trln tenge

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ASTANA. KAZINFORM Kazakhstan's major national companies are undergoing business transformation today.

Kazakhstani expert in macroeconomics Olzhas Khudaibergenov has shared his vision on these processes with the deputies and mass media, Kazinform reports citing the press service of Samruk-Kazyna Sovereign Wealth Fund.

“One can both criticize and commend transformation processes including those conducted in Samruk-Kazyna. Each company has its own mistakes. In the past 5-6 months, I have been following financial situation in these companies, and I can say that changes are taking place there. The situation changes in regard to daughter companies , the number of subsidiary organizations is reduced,” Khudaibergenov said.

As the management of Samruk-Kazyna states, the structure of the Fund and its subsidiary companies will be fully changed after the transformation. The corporate centre becomes leaner, because the levels of management have already been decreased there to 4. The number of managing directors has reduced from 16 to 9 and personnel have been updated. The national companies which are a part of the Fund  must be vertically integrated and reduce excessive number of structures between the central office and production.

“The point at issue is sub-holdings , such as KMG Processing and Marketing and KazTransGas. KazTransOil will remain as a production company but its strategic functions will be transferred to KazMunayGas,” CEO of KazMunayGas Sauat Mynbayev said.

As the Fund promises, Samruk-Kazyna is going to reduce the number of administrative and management staff only.

As for the personnel policy, the Fund is updating now the requirements to candidates and the system of recruitment. The process of recruitment  is becoming more transparent while the information about available vacancies are published on the website of the Fund and in social media.

Olzhas Khudaibergenov gave his evaluation to the transformation programme of Samruk-Kazyna at a meeting of the Expert Council. “In general, the transformation programme will bring positive effect,” he said.

Recall that Samruk-Kazyna launched its transformation programme in late 2014. Over the period passed, the Fund and its national companies have revised their operation models and organizational structures.

In November 2016, the Fund approved  transformation project of Kazatomprom and Kazpost. Project portfolios of Kazakhstan Temir Zholy, KazMunayGas, Samruk-Energo and KEGOC will be adopted by the end of the year.

According to the representatives of Samruk-Kazyna, economic benefit  from the transformation for the country’s GDP will preliminarily make 1trln tenge in financial equivalent in the nearest five years. 

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