The National Welfare Fund "Samruk-Kazyna" is acquiring the former company of businessman Kairat Boranbaev — Phystech II from the Committee of State Property and Privatization of the Ministry of Finance of the Republic of Kazakhstan for 8.1 billion tenge. This information was published on the Kazakhstan Stock Exchange (KASE) website on January 6.
"To place within the number of declared shares of JSC "Samruk-Kazyna" 1000 common shares of JSC "Samruk-Kazyna" at an offering price of 8,116,947 tenge per common share by exercising the preemptive right to purchase shares by the sole shareholder of JSC "Samruk-Kazyna" and transferring in payment for the offered shares property in the form of 100% common shares of JSC "Phystech II" valued at 8,116,947,000 tenge," states the decision of the fund's board of directors dated December 24, 2024, as reported on KASE.
According to the press service of "Samruk-Kazyna," as explained to a Forbes Kazakhstan observer, the transfer of 100% of the shares of JSC "Phystech II" in payment for the fund's offered shares is carried out in accordance with the resolution of the Government of the Republic of Kazakhstan dated February 29, 2024, No. 142 "On certain issues of republican property."
"According to available information, the Government of the Republic of Kazakhstan is considering the inclusion of JSC "Phystech II" in the Comprehensive Privatization Plan for further transfer to the competitive environment," the Sovereign Wealth Fund reported.
Currently, 100% of the shares of JSC "Phystech II" have been transferred to a trust management in favor of LLP "KMG Engineering," which is part of the group of JSC "Samruk-Kazyna," the fund clarified.
In early October 2023, it was reported that the shareholder of Phystech II voluntarily and gratuitously transferred 13,749,100 common shares of the company (100% of the common voting shares) to the balance of state authorities, with a total estimated value of 35,417,122,000 tenge.
Until October 3, 2023, the sole shareholder of Phystech II was Kairat Boranbaev himself (previously the holding company "KazTurboRemont," owned by the businessman). After this date, 99.28% of Phystech II came under the ownership of the investment development LLP "Kazstroyproekt-A." Officially, the company transitioned to the ownership of the Ministry of Finance of the Republic of Kazakhstan only in the second quarter of 2024.
Phystech II engages in geological exploration, surveying, oil field development, and oil extraction and was registered in Aktau, Mangystau region, in 2015.
As of October 1, 2024, the company's equity amounted to 21.9 billion tenge, including authorized capital of 13.7 billion tenge. The balance sheet currency reached 26.1 billion tenge. The net profit for the first nine months of 2024 was 513.6 million tenge.
It was previously reported that Boranbaev transferred to the state a number of assets, including the Karazhanbas North field with an estimated value of 35.4 billion tenge, the gas distribution company "Asia Gas Chundja," engaged in the transportation and sale of commodity gas, valued at 14 billion tenge, as well as a plant for the production and repair of oil and gas equipment LLP "Service Center KazTurboRemont," valued at over 9 billion tenge. Additionally, the following assets were transferred to the balance of state authorities: the "Comfort Hotel Astana" hotel complex, "Fitnation" clubs, the "Almaly" shopping and entertainment center, and the property leasing and management company "Unity Hall."
In 2021, Forbes Kazakhstan ranked Kairat Boranbaev 14th in the "50 Richest Businessmen in Kazakhstan" list. At that time, his net worth was estimated at $590 million.