Samruk-Kazyna discloses ERG stake transfer valued at 697.7 billion tenge

September 16, 2026 at 06:25 PM2 min

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Samruk-Kazyna issued 31 new shares in August 2026, which the state paid for with a 40% stake in Eurasian Resources Group valued at 697.7 billion tenge. The fund gained joint control over ERG and will account for it as a joint venture. The fair value assessment of ERG's assets and liabilities has not yet been completed, with 12 months allowed for the process.

Key Facts

Samruk-Kazyna issued 31 new shares with a nominal value of 22.5 billion tenge in August 2026.
The state paid for the shares with a 40% stake in Eurasian Resources Group valued at 697.7 billion tenge.
Samruk-Kazyna has 12 months to complete the fair value assessment of ERG's assets and liabilities.
In May 2026, Shakhmurad Mutalip bought 39.3% of ERG shares from Patokh Shodiev and the heirs of Alexander Mashkevich.
Kudrat Shamiyev became head of Eurasian Group LLP on May 30, 2026, managing ERG's Kazakh assets.

Transaction Details

Samruk-Kazyna's first-half 2026 report on the Kazakhstan Stock Exchange disclosed the mechanics of the ERG stake transfer. The fund issued 31 new shares with a nominal value of 22.5 billion tenge in August 2026. The state, as the sole shareholder, paid for the shares with a 40% stake in ERG valued at 697.7 billion tenge. Samruk-Kazyna gained joint control over ERG and will account for it as a joint venture. The fair value assessment of ERG's assets and liabilities has not been completed, with 12 months allowed for the process.

Ownership Changes

In May 2026, Shakhmurad Mutalip bought 39.3% of ERG shares from Patokh Shodiev and the heirs of Alexander Mashkevich. Mutalip is the beneficial owner of construction group Integra Construction KZ and heads the Kazakhstan Boxing Federation. He also leads the construction and housing committee of the National Chamber of Entrepreneurs. Sources indicate Mutalip discussed buying 70% of Kazzinc shares from Swiss company Glencore.

Management Appointments

Kudrat Shamiyev became head of Eurasian Group LLP on May 30, 2026. Eurasian Group LLP manages ERG's Kazakh assets, including Kazchrome, SSGPO, Aluminum of Kazakhstan, and the Kazakhstan Electrolysis Plant. Shamiyev joined Mutalip's structures in 2020 after working in development and infrastructure construction. He also heads the Kazakhstan Taekwondo Federation, is a member of the NOC executive committee, and sits on the political council of the Adilet party.