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28.02.2020

JSC "NMH "Baiterek" optimizes its structure with a view to the effective implementation of the government's housing policy

JSC "NMH "Baiterek" optimizes its structure with a view to the effective implementation of the government's housing policy

At a meeting of the Board of Directors of JSC "National Holding Baiterek" under the chairmanship of Prime Minister of Kazakhstan Askar Mamin decided to reorganize the two subsidiaries and the release of the sixth bond program.

 

As part of the implementation of the task set in the Address of the President of the Republic of Kazakhstan, Kassym-Zhomart Tokaev dated September 2, 2019, to reduce the number of housing program operators, the board of directors decided to merge its subsidiaries - "Baiterek" Development JSC and Kazakhstan Mortgage Company IO. By the end of this year, it is also planned to join the Housing Guaranteeing Fund JSC as part of the Single Housing Operator.

 

During the meeting, it was decided to launch the sixth bond program to ensure the effective implementation of state housing policy.

 

The Board of Directors approved the placement of 8 million ordinary shares of the Holding to increase the authorized capital of DBK-Leasing JSC by 8 billion tenge in order to finance engineering development projects.

 

The meeting participants approved the risk report of "Baiterek" NMH" JSC for the IV quarter of 2019. For the indicated period, the target level and limits were not violated at the risk of the Holding’s appetite. The volume of available financial resources increased from 571 to 595 billion tenge, mainly due to an increase in equity capital of Baiterek NMH JSC. For other types of risks, significant changes were not recorded; risks are assessed at an average level.

 

The meeting also considered the report of the internal audit service for the IV quarter of 2019, the results of the implementation of the Action Plan for improving corporate governance of "Baiterek" NMH" JSC for 2019-2020. according to the results of 2019 and other issues.

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