The microfinance organization Solva has disclosed the names of the beneficiaries of Neo Crystal Holdings Ltd, a company registered in the UAE that has recently bought a stake in the microfinance company. This is the Sawiris family from Egypt and partners of the ZCP fund.
The Sawiris family’s holding Orascom actively invests in various countries and industries. The founder of Orascom Group Onsi Sawiris established the entity as a developing company but later expanded its scope of interests and focused on long-term investments. The Sawiris family also owns HOF Capital, the fund whose interests lay in the sphere of fintech, biotechnologies and the space industry.
According to the Sawiris family, Central Asia’s potential for «growth and investments» is really big, while Kazakhstan’s financial sector is very attractive thanks to the government’s focus on the digitalization of the economy and public sector.
«They are creating an environment that facilitates the development of inclusive financing and social prosperity. We are very happy to cooperate with Solva, a leading fintech company in Kazakhstan, to support its plans for sustainable development and transformation into a bank and provide a large number of entrepreneurs with access to advanced financial tools,» the Sawiris family said in a statement.
Neo Crystal Holdings Ltd has bought a share in Solva Capital, a shareholder of OnlineKazfinance with the brand Solva. According to Kompra.kz, since November 29, 2023, there have been three stakeholders at Solva Capital: Boris Batin, Alexander Dunaev and Neo Crystal Holdings. Up until July 2023, the official description of Solva Capital’s services included various business lines, including floor and wall decoration. Now, the company’s core activity is the managing of holding companies.
Solva Group LTD registered in the Astana International Financial Center (AIFC) is the second stakeholder of OnlineKazFinance. Batin, Dunaev, and Singaporean companies Rekamado PTE Ltd and Mutineers PTE Ltd were the only owners before the deal. Currently, the list of the company’s owners includes an additional seven individuals. There is no information about their residence and relations with Neo Crystal Holdings Ltd, although the new shareholders have entered the capital of Solva Group Ltd as well, according to the official press release by Solva.
It is also unclear what share Neo Crystal Holdings has in the two Kazakhstani businesses. However, it was announced that the Sawiris family and the ZCP partners paid $20 million. In turn, Solva said that these investments will be allocated for the transformation of the microfinance organization into a commercial bank. Even though Solva announced this plan of transformation early this year, the Kazakhstani regulator hasn’t yet approved the move. Nevertheless, Solva has increased its registered capital to $22 million, a minimal threshold for a bank in Kazakhstan. In the middle of December 2023, Solva placed Euro bonds worth $20 million with a 10% coupon and 360 days of maturity. It is unclear if this offering has something to do with investments by Neo Crystal Holdings.
