Crystal Management Skips Dividend Payouts

Crystal Management JSC, controlled by Timur Kulibayev through his holding Joint Resources, has decided not to distribute dividends due to financial losses, Orda.kz reports.

According to documents published on the Kazakhstan Stock Exchange (KASE) website, the company’s general meeting of shareholders approved its 2024 financial statements but declined to set dividend payments.

The reason was a net loss exceeding half a billion tenge.

Due to the absence of net income of the company for 2024, do not approve the procedure for income distribution and do not establish the amount of dividend per common share,the resolution states.

Joint Resources owns 51% of Crystal Management. Other shareholders include Eurasian Construction LLP (Askar Aubakirov and Kairat Krymov), Positive-A JSC (Zhumabika Zhilbayeva), and FCI Management LLP (Raushan Sagdiyeva).

The company is engaged in exploration at the Sulutaban deposit in the Qyzylorda region, which has not yet moved into production. Previously, other firms linked to Kulibayev also withheld dividend payments due to weak financial performance.

Meanwhile, speculation has grown in the media about Kulibayev’s possible exit from the oil and gas sector. Which assets he might sell remains unclear.

Original Author: Nikita Drobny