Kazakh GNPF pension fund 2003 net profit up 20 pct

/REUTERS, Almaty, June 8, 04/ - Kazakhstan's largest pension fund GNPF, slated for privatisation this year, said on Tuesday it made a net profit of 609.1 million tenge ($4.1 million) last year, a 20 percent rise over 2002. Kazakhstan's government, which holds a 100 percent stake in the fund, has announced plans to sell some 51 percent to a strategic investor, while around 25 percent may go to the European Bank for Reconstruction and Development. Senior officials have said the International Financial Corporation, the investment arm of the World Bank, might also take part in the privatisation, while the government could retain control of the 25 percent plus one share blocking stake for a transitional period of two to three years. GNPF, which stands for "State Accumulative Pension Fund", controls about a quarter of the Central Asian state's $2.9 billion in pension fund assets. There are 15 private pension funds in Kazakhstan. The fund provided the following data for its financial activity (all figures in million tenge), calculated to Kazakh accounting standards: ------------------------------------ Indicator 2004 2003 -------------- --------- --------- Net profit 609.134 506.044 Assets* 1,658.978 1,360.813 Equity capital 1,326.040 1,021.473 ------------------------------------ * assets do not include pensions assets of depositors [2004-06-08]