Kazakhstan extended the tender on election of an advisor for privatization of five big joint stock companies till October 15

/Almaty office of REUTERS, Oct.04, 99/ - Kazakhstan extended the tender on determining an advisor for selling to strategic investors state owned blocks of shares of five major joint stock companies - oil extracting Mangistaumunaigaz and Aktobemunaigaz, and Ust'-Kamenogorsk titanium magnesium combine, Kazzinc and Kazakhmys, told the rep of the Ministry of Finance to REUTERS. "By the resolution of the government of Kazakhstan dated September 29, 1999 the tender on election of an advisor for privatization of state owned blocks of shares of JSC Aktobemunaigaz, Mangistaumunaigaz, Ust'- Kamenogorsk titanium magnesium combine, Kazzinc, Kazakhmys Corporation is extended till October 15, 1999" is said in the information message of the Committee on state property referred to by the rep of the Ministry of Finance. Earlier, the tender was scheduled on September 2, and supposed to be finished by September 20. The rep of the Ministry of Finance says that the tender was extended to match its procedures with the law "On state purchases". He did not give the details. He said there were a few applications from consultants to participate in the tender, but he did not name them. Terms of the tender remain the same. Future government advisors should propose scenarios of selling to strategic investors following stake of state owned blocks of shares of the next enterprises: 30% of Mangistaumunaigaz; 25.2% of Aktobemunaigaz; 15.5% of Ust'-Kamenogorsk titanium magnesium combine; 27.64% of Kazzinc and 35% of copper corporation Kazakhmys. Kazakhstan has already tried to sell state owned blocks of shares in these companies to portfolio investors last year, but the crisis on international stock market did not allow to implement the "blue chips" program. Now the privatization program was corrected and state owned blocks of shares in these elite enterprises in Kazakhstan will be offered to strategic investors.