Amanat Insurance attracts new investments

Amanat Insurance has raised 100 million tenge ($224,859) by offering investors an additional set of shares, according to the website of the Kazakhstan Stock Exchange (KASE).

Amanat has placed 100,000 of its shares with a nominal value of $2.25 each. Given that there had been 1.9 million shares on the exchange before the additional emission, this was just 4.9% of the company’s shares.

All these shares have been acquired by the investment company Fincraft, the sole shareholder of the insurance company. Until recently, the company was co-owned by mogul Kenes Rakishev.

Rakishev controlled 50% shares of Fincraft, then he sold 10% of it. In March 2023, his share declined to 9.9%. In April, the businessman quit the company’s business completely. Since then, Mukash Iskandirov, former head of Kazphosphate, is the biggest shareholder of Fincraft (40%). Among other stakeholders are Yernat Nurgaliyev, former top manager of Amanat (10%) and Maksat Dzhunusbekov, the deputy chairman of the board of directors in Fincraft (8.5%).

Even though Rakishev no longer has an interest in Fincraft, he is still the co-owner of Fincraft Resources and Fincraft Group, which controls 50% of the oil company Equus Petroleum.

Fincraft gained control over Amanat in 2020 when the holding bought it from Dinmukhamet Idrisov. In the first quarter of this year, the insurance company reported $1.5 million in profit. As of April 1, 2023, the company had $29 million worth of assets.