Entrepreneur Kenes Rakishev is planning to raise $20 million on the KASE through his company Fincraft Group. The group informed the exchange, as reported by a correspondent from the business information center Kapital.kz.
The group intends to issue unsecured coupon bonds "with a maturity of no more than 12 months." This decision was made by the sole participant of LLP Fincraft Group - Kenes Rakishev.
Kapital.kz has sent a request to the company for clarification on the details of the bond issuance.
It is worth noting that Kenes Rakishev is gradually divesting not only mining assets from his portfolio but also financial ones, investing instead in oil and gas. In October 2024, during a conversation with a correspondent from Kapital.kz, the businessman specified that this is Fincraft Group's strategy. "We also want to focus on deep oil processing to obtain various types of oil products, that is, high value-added goods," he noted. For instance, in September 2023, Fincraft Resources informed KASE that the company no longer owned a 100% stake in LLP "InderGips" . In January 2024, Kenes Rakishev, through Fincraft Resources, acquired a 50% stake in the oil and gas extraction company Nomad West Oil .
In December 2024, Kenes Rakishev announced that he was acquiring an additional 7.35% of shares in the oil and gas company Tethys Petroleum Limited . According to the terms of the agreement, the shares were to be purchased at a price of 0.7719 Canadian dollars per share. The total value of the transaction will exceed 6 million 518 thousand Canadian dollars. "The completion of the transaction depends on obtaining certain approvals and is expected in the first quarter of 2025," the group's announcement stated.
In October of the same year, the group announced its intention to purchase 30 million 959 thousand 133 common shares, which represents 26.95% of the total number of shares issued. "At the moment, Fincraft has already acquired 23 million 009 thousand 133 common shares. After the completion of the current transaction, the total number of common shares owned or indirectly controlled by the group will amount to 39 million 402 thousand 531 - this is 34.31% of the total number of shares issued by Tethys Petroleum Limited," the announcement stated in October.
In June 2024, Kenes Rakishev sold the subsidiary BTA - BTA Belarus to Kazakh entrepreneur Sultan Marenov through LLP "SNRG Capital Eurasia." The transaction amount was 230 million tenge. Later, the bank changed its name to JSC "Neo Bank Asia" (Neo Bank).
In December of the same year, the Fincraft Group ceased to own 29.64043% of the shares of BTA Bank. "This transaction is an intra-holding one: part of the shares of JSC "BTA Bank" has been transferred to the management of a company, the ultimate beneficiary of which is the founder of Fincraft Group, Kenes Rakishev. This is also due to the fact that JSC "BTA Bank" is no longer a core asset for our company," the press service of Fincraft Group reported.
The group clarified that after the transaction, Kenes Rakishev still holds a 100% stake in "BTA Bank": he directly owns 70.07% of the voting shares of the bank and 29.64043% of the voting shares through a company where he is the sole founder.
In 2019, he sold BTA Bank (Kyrgyzstan) , which merged with the local "Bakay Bank" in 2020. BTA Bank (Ukraine) and LLP "Kaznikel" are in the process of being sold.
It is possible that the sale of BTA Bank (Ukraine) may soon be finalized. According to Fincraft Group's consolidated financial statements for 2023, "in October 2022, a preliminary purchase agreement for 100% of the shares of JSC 'BTA Bank' (Ukraine) was concluded with an advance payment." The details of the agreement and the parties involved are not specified. In September 2024, it was reported that Kenes Rakishev, through Fincraft Group, received an advance payment for the upcoming sale of PJSC "BTA Ukraine" - 4.5 billion tenge.
Fincraft Resources reported that in July 2023, the group's management decided to sell LLP "Kaznikel" . "It is planned to sell 100% of the common voting shares of 'Kaznikel' to a private company BMT Nico (which is part of the Fincraft Resources group - Ed.). The relevant documents have been signed. The sale is expected to be completed in the first half of 2024," the group's financial statements stated. In October 2024, Kenes Rakishev mentioned in an interview with Kapital.kz that the company is being acquired by a foreign investor.
The ultimate beneficiary of Fincraft Group is Kenes Rakishev, as stated in Fincraft Resources' reports.