Rakishev's Fincraft Group to Issue $20 Million in Bonds

The Fincraft Group company, owned by one of Kazakhstan's wealthiest businessmen, Kenes Rakishev, plans to raise $20 million through a bond issuance, Orda.kz reports.

According to a February 28 document published on the Kazakhstan Stock Exchange (KASE) website on March 3, Fincraft Group LLP will issue unsecured coupon bonds with a maturity of no more than one year totaling $20 million, following a decision by the general shareholders meeting.

Issuing dollar-denominated bonds is common for attracting additional investment to expand and develop business operations.

Fincraft Group operates as a holding company across multiple sectors.

Its businesses are involved in hydrocarbon and metal extraction, educational services, and distressed asset management. The company's majority shareholder and president is Kenes Rakishev (ranked 19th on Kazakhstan's Forbes list). The businessman's fortune is estimated at $435 million.

Rakishev has been expanding his portfolio recently.

In September 2024, his holding acquired a stake in the oil and gas company Beineu Petroleum Limited. At the same time, reports indicated that Rakishev bought a stake in JSC Shubarkol Premium, which is developing the Shubarkol coal deposit in the Karaganda region, from another Forbes-listed businessman, Timur Kulibayev.

Original Author: Nikita Drobny