Kazakhstan construction companies to get rid of high liquid non-profile assets for financing housing construction
The Ministry of Industry and Commerce of Kazakhstan considers that the Kazakhstan building companies should get rid of high liquid non-profile assets for financing of housing construction with participation of shareholders, the Minister of Industry and Commerce Gayle Orazbakov said during the government session on Tuesday.
Astana. September 19. Kazakhstan Today - The Ministry of Industry and Commerce of Kazakhstan considers that the Kazakhstan building companies should get rid of high liquid non-profile assets for financing of housing construction with participation of shareholders, the Minister of Industry and Commerce Gayle Orazbakov said during the government session on Tuesday.
"Considering prospective possession of high liquid non-profile assets in the large building companies both in Kazakhstan, and outside of it, it is necessary to induce them to sell these assets for financing of housing construction with participation of share holders. It is necessary for tax committee and financial police to develop a complex of measures for activization of this process," G. Orazbakov said.
"It is necessary to induce construction companies to optimize the expenses and to take measures on reduction of the net cost of construction... to direct all available financial assets on construction of the objects with individual share." "As a result, construction companies should find due to their internal sources about $700 million for completion of construction of objects and executions of obligations before their shareholders," the Minister considers.
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