State debts of Kazakhtelecom, Kazpost and KEGOC to be included in the state assets management holding - company's acting head

/INTERFAX-KAZAKHSTAN, Astana, February 2, 06/ - Sauat Mynbayev the acting executive director of Kazakhstan state assets management holding JSC Samruk JSC, which is being founded, has confirmed that it is planned to include state debts of Kazakhtelecom JSC, Kazpost JSC and KEGOC JSC in the company. "Of course, corresponding documents have not been confirmed yet, I just can say the matter concerns inclusion (in the holding's authorized capital. - "IF-K") of state debts of Kazakhtelecom JSC, Kazpost JSC and KEGOC JSC and some other national companies", - Mynbayev said. 50% and 1 share in Kazakhtelecom JSC belong to the state, and Kazpost JSC and KEGOC JSC are entirely state-owned companies. Mynbayev says the holding "will have to approve budgets and investments of state companies, make monitoring of their activity, advise the government on the matters concerned with companies' corporate finance". He has reminded that Nursultan Nazarbayev country's president "set the central strategic task: the holding is meant to increase efficiency of national companies' activity by improving corporate governance, and this means, speed up growth of country's economy by increasing governing body's level and efficiency of national companies' activity". Mynbayev says "the world practice confirms: state holding is the most effective instrument of solution of corporate governance question in state companies". While working over holding's foundation, studying the international experience, "it became clear that such the holding must act as an active shareholder as regards national companies, but not an additional management", Mynbayev said. The holding "should not interfere with companies' current activity", he said. "However, - Mynbayev said, - it must actively show itself regarding their long- term strategy, financing, and while coordinating positions of various ministries and departments, concerned with solution of companies' global tasks". In November of 2005 Kazakhstan's government attracted McKinsey an international consulting company to working out of the business-plan on the state holding foundation. 43-year old Mynbayev is a graduate of MSU, economist-hybernetician, candidate of economic sciences. Since June of 2003 worked as the vice- premier, and since December of 2004 headed also the ministry of industry and trade. However he was not included in the staff of the new government. [2006-02-02]