KASE Delists Shares of Ushkuyu, Partially Owned by Kairat Sharipbayev

Kazakhstan Stock Exchange’s (KASE) listing commission has removed the shares of Aqtau-based company Ushkuyu JSC from its trading list, Orda.kz reports.

One of the company’s co-owners is Kairat Sharipbayev, husband of Dariga Nazarbayeva, the eldest daughter of Kazakhstan’s first president.

The exchange will no longer trade Ushkuyu’s common shares, citing multiple violations, including outstanding debts for the mandatory listing fee.

The basis for delisting these shares is Ushkuyu JSC’s outstanding debt for the annual listing fee on these securities and non-compliance with disclosure requirements set by KASE’s internal documents, the stock exchange stated.

Ushkuyu had issued 100,000 shares, of which 23% belong to Sharipbayev. Other major shareholders include Nurlan Murzagaliyev and Yerzhan Dostybayev. Founded in 2015, the company is registered in the Mangystau region and is engaged in oil production at the Jetybay North-West field.

For January to September last year, Ushkuyu reported a net loss of 1.3 billion tenge, with assets of 1.7 billion, while its accumulated losses reached 55 billion tenge.

The company could not even cover the cost of keeping its own shares listed on KASE.

In 2023, it was reported that Ushkuyu was deeply in debt and owed more than 900 million tenge to the labor union of the national company QazaqGaz.

Sharipbayev previously headed QazaqGaz and, according to earlier reports, continued to receive hundreds of millions of tenge from the company through affiliated firms even after stepping down.

Original Author: Nikita Drobny