Samruk-Kazyna obtains 40% of Eurasian Resources Group shares
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Kazakhstan's sovereign wealth fund Samruk-Kazyna acquired a 40% stake in Eurasian Resources Group (ERG) on August 4, 2026. The transfer follows a government decision and aligns with the fund's role as a sovereign manager of state assets. The shares were previously held by the State Property and Privatization Committee of the Finance Ministry.
The Transfer
Samruk-Kazyna took possession of the 40% state stake in ERG on August 4, 2026, by government decree. The shares were transferred from the State Property and Privatization Committee of the Finance Ministry. ERG's website now lists shareholders as Samruk-Kazyna (40%), heirs of co-founder Alidzhan Ibragimov (20.7%), and businessman Shakhmurat Mutalip (39.3%). The fund did not disclose transaction details.
Shareholder Reshuffle
In May 2026, Mutalip's Nature Energy Solutions Ltd. bought 39.3% of ERG from Patokh Shodiev and heirs of Alexander Mashkevich for $1.4 billion, the Financial Times reported. Mutalip also made an offer for the state's 40% stake, competing with CEO Shukhrat Ibragimov's bid. The Kazakh government had previously said it was not considering selling its shares. In July, Bloomberg reported that ERG shareholders were discussing a split into Kazakh and international entities, though the Industry Ministry said it received no formal request.
What's Next
Samruk-Kazyna has not detailed plans for its new stake, while shareholders continue restructuring talks. It remains unclear whether the government will entertain future offers for the shares given its earlier stance against selling.
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Samruk-Kazyna obtains 40% of Eurasian Resources Group shares
