As a token gift of the company on New Year's Eve was a successful completion of the project of the Transformation Program that introduced a new model of corporate finance. The new Financial Management Policy will allow Samruk-Energy JSC to receive a benefit of about 9 billion tenge by the year of 2021.
Cash and debt management processes are one of the key directions for the company. The project aims to centralize liquidity management, which is in line with international best practices. As part of the Transformation of the treasury functions of the energy holding a change to the corporate structure was performed, with the addition of a payment operations section, business processes were established, and the first financial and qualitative benefits were obtained.
“On behalf of the sponsor, I would like to congratulate and thank the project and its team for the quality work and for the fact that I have become part of this success. The effect of the introduction of new processes for 4 months in the form of savings amounted to one and a half billion tenge. The projected amount of benefits from the implementation of the Project until the year of 2021 is expected to be 8.7 billion tenge,” said the Project Sponsor, Managing Director for Economy and Finance Mr. Yerlan Aliyev.
The new money management policy provides for the establishment of a treasury, financial and investment process. The Project Manager Mr. Sergey Li noted the physical results that are already working: “Cash pooling is a unique method of optimizing payments and was new to the banks. Samruk-Energy was a pioneer in this matter, and already in the future the rest of companies of the Fund will be able to realize this idea according to minimal tariffs or without them at all”.
Nurlan Rakhmetov, Managing Director for Transformation, Privatization and Restructuring of Samruk-Kazyna Fund, who was present at the event, shared the joyful event with the team. “Transformation is needed to be better than others. Moreover, we teach others how to work. I am glad that the project that introduced a new model of corporate finance has been completed on time and exceeds the intended benefits,” said Nurlan Rakhmetov.
The Chairman of the Management Board of Samruk-Energy JSC Bakitzhan Zhulamanov congratulated the project team and emphasized the merit of the specialists who worked on the project.
“The maturity of the project is directly the merit of highly qualified specialists and their involvement. The project can be justifiably called as prominent, since throughout its entire implementation period it was in the “green” zone: all activities were completed in due time and most importantly, by our own efforts. And this once again confirms the competence of employees and their high professionalism,” Bakitzhan Zhulamanov said.
The Chairman of the Management Board of Samruk-Energy JSC wished the project team to achieve the intended results and handed employees diplomas for the successful implementation of the Transformation project.