Prime Minister chairs a meeting of Baiterek Holding’s Board of Directors 2022
Alikhan Smailov, Prime Minister of Kazakhstan, has chaired an absentee meeting of the Board of Directors of Baiterek National Managing Holding.
During the meeting, the Board of Directors approved the Annual Report for 2021, the corrected Annual Budget for 2022, and the Action Plan for 2019-2023. In 2021, the Holding’s consolidated assets increased by 45%, amounting to 9 trillion 870 billion tenge. The Holding’s net profit amounted to 111 billion tenge, having increased by 38 billion tenge compared to 2020. 73.6% of this money is loan and investment portfolios. Baiterek Holding’s subsidiaries have issued 1 trillion 235 billion tenge worth of mortgage loans. It’s 66% of the total number of mortgage loans in Kazakhstan.
The Board of Directors also decided to place 50,000,000 ordinary shares for the capitalization of Baiterek Holding. It will enable the Holding to finance manufacturing industry projects on preferential terms.
In addition, the Board decided to alienate 100% of shares of KazAgroFinance and use them as payment for common shares of the Agrarian Credit Corporation. It was done to reduce the number of the Holding’s portfolio companies. By alienating the shares, Baiterek Holding also executed Paragraph 52 of the National Action Plan for the implementation of the President’s Address to the People of Kazakhstan dated September 1, 2020.
Also, Askar Zhumagaliyev was appointed the Ombudsman of Baiterek Holding. He will supervise the principles of business ethics and help settle social and labor disputes. Askar Zhumagaliyev is expected to hold this position for two years.
