12.04.2011, 13:04 6801

Kulibayev will head Samruk-Kazyna fund

Timur Kulibayev will head Samruk-Kazyna National Wealth Fund, Kazakhstan Today reports.

Astana. April 12. Kazakhstan Today - Timur Kulibayev will head Samruk-Kazyna National Wealth Fund, Kazakhstan Today reports.

Timur Kulibayev is to be appointed head of the country's sovereign wealth fund Samruk-Kazyna, Prime Minister Karim Masimov said on Tuesday. Masimov made the announcement on his Twitter page, twitter.com/KarimMassimov, Reuters reported.

Kulibayev replaces Kairat Kelimbetov, who was appointed economy minister on Monday as part of a cabinet reshuffle that also replaced the foreign and agriculture ministers.

As head of Samruk-Kazyna, Kulibayev will be responsible for state assets worth over $78 billion.

He is already chairman of several companies controlled by the wealth fund, including state oil and gas giant KazMunaiGas and national railway company Kazakhstan Temir Zholy.

Kazakhstan's government plans to sell minority stakes in several companies owned by the fund as part of a "people's IPO", or initial public offering, to allow ordinary citizens to own shares in the some of the country's major enterprises.

Kulibayev is ranked Kazakhstan's third-richest man by Forbes magazine, with a personal fortune of $1.3 billion.

Photo: nanonewsnet.ru.

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