The Fund is implementing an ambitious privatization program that has been approved by the government of Kazakhstan. Under the Yellow Pages principle, 89 companies have gone public, and 192 billion tenge have been earned, Chairman of the Fund’s Management Board Akhmetzhan Yesimov noted at a plenary meeting on the future of energy sources and innovation growth, part of Kazakhstan Energy Week. He recalled that a 15 per cent stake in uranium company NAC Kazatomprom had been placed successfully in a November 2018 IPO. The National Bank acted as one of the investors and purchased corporate securities worth $150 million, allocating it to the Joint Pension Savings Fund. The deal has netted the Fund 21 billion tenge to date. "We plan to hold an IPO and to provide a strategic investor with eight of the Fund’s companies operating in the energy, telecommunications and infrastructure sectors. The Pension Fund has earned 21 billion tenge, with the National Welfare Fund receiving 168 … [Read more...] about Kazakhstan’s National Welfare Fund Samruk-Kazyna to Launch IPO of Eight More Companies
Corporate governance holding companies
Zambia's economic situation is getting dire. The Zambian Kwacha has fallen six percent against the US dollar this year alone. That makes it one of the world's worst performing currencies. Last month, rating agency Moody's downgraded the country's credit worthiness to junk status. That means there's a chance of Zambia defaulting on its debt — it owes around $10 billion (€8.88 billion) to foreign creditors, more than 40% of the country's gross domestic product (GDP). The overall public debt is actually $15 billion — equivalent to 73% of GDP So the recent liquidation of the country's largest copper mining operation, Konkola Copper Mines (KCM), is being viewed with suspicion. The government alleges that India-based Vedanta Resources, which owns a majority stake of around 80% in KCM, has violated its mining licence and owes money in unpaid taxes. The insolvency proceedings that led to KCM's liquidation were started by the state-owned … [Read more...] about Zambia vs. Vedanta: Could the government be paving the way for a Chinese buyer?
There is an ancient Greek saying: “When a fish rots, it rots from the head down.” This cliché’, while not anatomically valid, is politically valid. If your corporate Board of Directors is not the corporate role model of institutional culture in action, then why should employees at lower levels behave differently? We consult with Boards on governance and then we work on team building at mid management levels at the same company. No psychologist would be surprised to find that middle management communications takes on the same characteristics of Board of Director communications. And this mimicry exists even though middle managers have never attended Board meetings. In many cases, they don't even know the names of Board members. Psychologists know that emotions within a social system are contagious, just like germs. If emotions are contagious why would communication dysfunction also not be … [Read more...] about Is Your Company the Next Blackberry?
NEW DELHI: With the aim to attract a larger number of investors to take over public sector oil refiner Bharat Petroleum Corporation Ltd (BPCL), the government is looking at further stripping some assets from the parent entity while splitting the share sale plan into two phases. Official sources said that trifurcation of BPCL's assets may be carried out before the government's shares are put up for sale to strategic investors. Also, the government's 53.29 per cent in the company may be sold in two phases with only between 28-30 per cent of the equity shares to be offered in the first phase to strategic investors with transfer of management control. "BPCL has few joint ventures where the holding of the other partner is substantial. It would be best to look at exit option from such joint ventures to avoid complications for strategic investors at a later stage," another official with direct knowledge of the development said. "Like a carve out for BPCL's Numaligarh Refinery approved by … [Read more...] about Asset strip, two-phased share sale proposed to make BPCL attractive
This place is so lovely. advertisement advertisement Cross the Hale County line driving north on the rolling two-lane Alabama State Route 61 and you can’t deny it: the kudzu, the catfish ponds, a picturesque old store called Newbern Mercantile Co. It’s as visually seductive as any rural patch of the so-called Black Belt (a name derived from properties of soil) that stretches across several southern states. And yet this place is so tough. The 15,388 people who inhabit Hale County’s 644 square miles face all the same challenges as residents of similar counties across the rural South, as America becomes ever more urbanized. Jobs are scarce; per-capita income is low; the poverty rate is high; affordable housing is a problem. Most of these places have been largely forgotten. Hale County has not. This is, you could say, by design. Over a period of two decades, 600 or so students have participated in Auburn University’s Rural Studio program, which is … [Read more...] about The Heart of Hale County