CAEPCO Sells Yekibastuzteploenergo

Aleksandr Klebanov and Sergey Kan, who control JSC Central Asian Electric Power Corporation (CAEPCO), sold Yekibastuzteploenergo LLP last year for 200 thousand tenge. This is stated in the financial statements of the joint-stock company, Orda.kz reports.

The document, published on the KASE website, states that Yekibastuzteploenergo’s main assets — heating networks valued at 1.8 billion tenge — were transferred to the balance sheet of the city’s Department of Economy and Finance in June 2023. In 2024, CAEPCO transferred the remaining assets, including production and administrative buildings, to the Akimat of Yekibastuz.

The company recognized a loss of 4.9 billion tenge from the asset transfers, along with a 1.9 billion tenge loss from the write-off of ash dump reclamation obligations.

On August 1, 2024, due to the fact that Yekibastuzteploenergo LLP transferred all property to a state institution free of charge, and trust management agreements for these assets were concluded with another company, the group’s management decided to sell 100% of the share in the LLP to a third party for 200 thousand tenge,
the document states. 

With the sale of Yekibastuzteploenergo, the group also appears to have partially shed the company's financial obligations, which included loans of 400 million tenge maturing in 2026 and 4.9 billion tenge maturing by the end of 2030.

The financial report records income of 4.2 billion tenge from the write-off of these obligations.

According to the same document, CAEPCO posted a net profit of 17.4 billion tenge in 2024. The group's assets decreased from 382 billion to 355 billion tenge compared to the previous year, while liabilities rose from 130.9 billion to 165.5 billion tenge.

The heat supply infrastructure in Yekibastuz was transferred to state ownership following a communal emergency in November 2022, when the city was left without heat and hot water during sub-zero temperatures.

The leadership of Yekibastuzteploenergo was later tried and found guilty of negligent performance of duties.

The shareholders of JSC Central Asian Electric Power Corporation, which previously managed the thermal assets in Yekibastuz, include Aleksandr Klebanov (No. 13 on Kazakhstan’s Forbes list), Sergey Kan (No. 22), as well as KIF Energy SARL and JSC Central Asian Fuel and Energy Company.

Original Author: Nikita Drobny