Kazakhstan transfers 40% ERG stake to Samruk-Kazyna
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The 40% stake in Eurasian Resources Group (ERG) previously held by Kazakhstan’s State Property Committee has been transferred to the sovereign wealth fund Samruk-Kazyna, ERG confirmed to Kursiv. The change appears on the company’s website, even as shareholders discuss splitting the group’s Kazakh and international assets.
The Stake Transfer
The 40% stake in ERG previously held by the State Property and Privatization Committee of Kazakhstan’s Ministry of Finance has been transferred to the sovereign wealth fund Samruk-Kazyna, ERG confirmed to Kursiv. The change was reflected on ERG’s corporate website, listing Samruk-Kazyna as the holder. Financial analyst Arman Batayev reported on Telegram that the transaction took place on August 4, citing his sources, though official statements from the finance ministry or the fund are yet to come, according to Orda.kz. The move follows a June decision by Samruk-Kazyna to place up to $1.4 billion in its own shares in exchange for state property, with analysts speculating the ERG package might be the target.
Evolving Ownership
Samruk-Kazyna now controls the 40% state share, while private shareholders hold the remainder. Heirs of co-founder Alidzhan Ibragimov retain a 20.7% stake, and Shakhmurad Mutalip controls 39.3% through his company Nature Energy Solutions, which acquired the holding from Patokh Shodiyev and the heirs of Alexander Mashkevich in May 2026, Orda.kz reports. Samruk-Kazyna, whose sole shareholder is the Kazakh government, manages strategic assets across oil, gas, transport, and power sectors.
Restructuring Talks
The shift in state ownership comes as ERG’s shareholders explore a broader restructuring, Bloomberg reported earlier. A plan under discussion would split the group’s Kazakh operations from its international assets, with the state and Mutalip taking the Kazakh business, while Ibragimov’s family would receive international assets, including in the Democratic Republic of the Congo, along with about $2 billion in debt. The Metals & ESG Trends Telegram channel speculated that the state’s ERG stake could eventually be placed under Tau-Ken Samruk, Samruk-Kazyna’s mining subsidiary, though no official decision has been announced.
What's Next
Samruk-Kazyna has not indicated whether it intends to sell, hold, or further restructure the ERG stake. Meanwhile, the shareholders’ talks on separating the group’s assets continue, with no timeline for a final agreement.
7 sources
Kazakhstan transfers 40% ERG stake to Samruk-Kazyna
