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Kazakhstan Investment Fund Invests 2 bl tenge in Maklakovskiy Sawmill
Almaty, June 10, 2008
Kazakhstan Investment Fund JSC has acquired a stake in Maklakovskiy timber and wood processing factory OJSC (MLDK).
"In May 2008 Kazakhstan Investment Fund acquired a shareholding in MLDK JSC. The Investment Fund now participates in a major project of sawmill's upgrade and its integration into the lumber industry of Kazakhstan," Investment Fund announced on Tuesday.
The Fund plans to invest 1.955 bl tenge to upgrade sawmill's equipment. "The sawmill, Russia's wood exporter, will be able double lumber processing up to 400,000 cu meters annually," reads the news release.
Currently, MLDK studies an opportunity of establishing a joint venture with Kazakh partners to produce doors and windows using sawmill's products, according to the statement.
Investment Fund of Kazakhstan JSC is a development institute of Kazakhstan wholly owned by Kazyna Fund of Sustainable Development. The Investment Fund finances private companies to establish competitive manufactures by participating in the registered capital of new and existing companies. The Fund has registered capital of $314 ml that will be increased in the future. It can finance a project worth up to $300-350 ml by attracting additional credit resources.
Maklakovskiy timber and wood processing factory set up in 1916 is among biggest timber exporters in Russia.