Aggregate net profit of companies that belong to Samruk will increase in 2008 by 5% - head of the state holding

/INTERFAX-KAZAKHSTAN, Astana, September 28, 07/ - The aggregate net profit of companies that belong to Kazakhstan holding of state assets management Samruk in 2008 is planned at the level of KZT229 bn. (current KZT121.20/$1) which exceeds by 5% the forecasted profit indicator for the current year. "The aggregate net profit of companies (belonging to Samruk - IF-K) in 2008 is expected to be received in the amount of KZT229 bn. or by 5% higher than in the current year", - the head of holding Kanat Bozumbeev informed on the meeting of working group on the law project - "About the republican budget for 2008" on Friday in Astana. At the same time, he announced that the earnings of the given companies in the next year are forecasted at the level of KZT1,861 bn. (growth at 12% respectively). According to Mr. Bozumbeev, in 2008 the total sum of capital investments in holding overall will make KZT402 bn., the costs of acquiring stakes in assets - KZT178 bn. In addition to that, he notified that Samruk will get rid of all non-specialized assets. "We will sell all the non-specialized assets that are not related to the main activity of the group of Samruk companies", - Mr. Bozumbeev said. According to him, the capital raised by the sales of non-specialized assets will be allocated on investments in the railroad, power supply, oil, and telecommunication industries. He reminded that nowadays, 19 daughter companies belong to the holding: KazMunayGas, Kazakhstan Tmyr Joly, Kazakhtelecom, KEGOC, Kazpost, KazKuat, Ekibastuz energy center, Kazakh research institute of power engineering named after academician Sh. Ch. Chokin, Buhtarmin hydroelectric power station, Kazakhstani operator of electric power and capacity market, Shulbin hydroelectric power station, Ust-Kamenogorsk hydroelectric power station, Air Astana, Mangistau Electricity Distribution Network Company, National sea navigable company Kazmortransflot, Kazakhstan Engineering, Maykingold, Pavlodar Airport, International airport Aktobe. "Generally, Samruk companies group is 300 juridical persons. Me, for example, I admit not knowing the names of many of them", - Mr. Bozumbeev said. The head of state holding emphasized that Samruk "will not longer invest in, for example, Borjomi somewhere in Georgia". "We will invest in Kazakhstan And if we will invest abroad, then only in highly efficient productions", - Mr. Bozumbeev continued. At the same time, according to the head of state holding, the companies will borrow to the sum of KZT282 bn. in order to invest in 2008. The total sum of taxes, paid to budget in 2008, will make not less than KZT356 bn. with a growth of 39%, he said. Kazakhstan holding of state assets management Samruk JSC has been founded in January of the last year with the goal of efficient management of state stakes of a number of biggest Kazakhstani companies. [2007-09-28]