Samruk-Kazyna and KazAgro establish partnership with Italian manufacturing companies
September 6, 2017, Astana - Samruk-Kazyna JSC (“the Fund”), “KazAgro” National management holding” JSC (“the Holding”) and CDP Equity S.p.A. (“CDP Equity”) have signed a Preliminary Agreement of Cooperation during the 9th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in Astana.
CDP Equity (previously Fondo Strategico Italiano) is a holding company with share capital of $ 3.5 billion, aiming to boost the Italian economy by investing equity capital in companies of major national interest. CDP Equity's majority shareholder is Cassa depositi e prestiti S.p.A. (CDP Group), which is controlled by the Italian Ministry of Economy and Finance.
The Agreement establishes cooperation between the Fund's and the Holding’s portfolio companies and leading Italian companies for creating new production facilities in manufacturing and agricultural industries in Kazakhstan. CDP Group owns shares of large Italian companies across various industries, including manufacturing and agricultural fields. Under the first stage of the agreement, the Italia and Kazakh companies will look at the possibility of localizing new productions using Italian technologies.
Umirzak Shukeyev, CEO of Samruk-Kazyna JSC, commented at the event:
"The document signed today is another step towards expanding our partnerships with the sovereign wealth funds of other countries. Our work with CDP Equity and the subsequent implementation of investment projects will have a multiplier effect on the economy of Kazakhstan and will facilitate the transfer of technology and create new job opportunities in the country .”
On the Italian side, the Memorandum was signed by Guido Rivolta, CEO of CDP Equity S.p.A., who noted:
“Thank you very much for believing in CDP Equity as a partner for the future. This is the beginning of an important collaboration that will boost growth and prosperity of both economies. This Preliminary Agreement of Cooperation highlights a long-term partnership with the purpose to increase development of our respective portfolio companies.”
On the part of the Holding the Memorandum was signed by the Chairman of Executive Board Nurlybek Malelov:
- The signed trilateral document is the indicator of mutual relations between “Samruk-Kazyna” and “KazAgro” Holding and the wish to realize the synergy effect from the competencies of each party. Today’s event once again shows the investment attractiveness of agriculture and agricultural processing, and intention of large foreign investor to invest into development of agribusiness complex.
About Samruk-Kazyna JSC
Joint Stock Company Sovereign Wealth Fund Samruk-Kazyna is owned by the Government of the Republic of Kazakhstan. The Fund was established in 2008 in accordance with the Decree of the President of the Republic of Kazakhstan and represents a commercial structure: an investment holding company whose mission is to increase the national welfare of the Republic of Kazakhstan, and to support the modernization of its economy. Samruk-Kazyna is achieving its aims through the efficient management of its portfolio companies in order to increase their long-term value and ensure sustainable development, and by making catalytic investments in the priority sectors of the national economy. The value of the Fund’s assets amounted to approximately US$ 67.4 billion as of 31 December 2016. Samruk-Kazyna's portfolioincludes companies in the oil and gas, transport and logistics sectors as well as the chemical and nuclear industries, and the metals and mining, energy, mechanical engineering and real estate sectors.
“KazAgro” National management holding” JSC was established in 2006 in order to implement the state policy to stimulate the development of agribusiness complex of the Republic of Kazakhstan through ensuring effective management of investment assets and development of corporate culture in subsidiary joint stock companies. The Holding being the operator of the most important strategic projects for agriculture development is destined to provide available financing of business entities, targeted and effective use of state and attracted resources implementing further development of production, information and service infrastructure of agribusiness complex.