Shukhrat Ibragimov seeks 40% ERG stake from Mashkevich, Chodiev families
Shukhrat Ibragimov, son of the late tycoon Alijan Ibragimov, is seeking to acquire the stakes in Eurasian Resources Group (ERG) owned by his father’s partners, according to the Financial Times, citing sources familiar with the matter.
Ibragimov Jr. has been leading ERG since October 2024 and now plans to buy out the 40% share held by Patokh Chodiev and the heirs of Alexander Mashkevich, who passed away on March 22, 2025.
Ibragimov has worked at ERG since 2015 and joined the company’s board in 2021 after his father’s death.
ERG was founded in 1994 by Alijan Ibragimov, Alexander Mashkevich and Patokh Chodiev. Their families each hold a 20% stake in the company, while the government of Kazakhstan owns the remaining 40%.
In 2024, the founders began transferring ownership rights to their heirs. Chodiev entrusted management to his son Sabir, while Mashkevich was succeeded by his nephew Eduard Surlevich. Talks about a potential sale of their stakes began around that time but gained momentum after Mashkevich’s death, according to the FT.
Sources claimed both families — the Chodievs and the Mashkevichs — are willing to sell, but disagreements over company valuation have stalled the deal. Reportedly, each family is seeking $1.8 billion, while Ibragimov’s offer remains lower.
An alternative being discussed includes exchanging Ibragimov’s shares in other joint assets — Eurasian Bank and Eurasian Insurance — along with a cash payment.
ERG declined to comment, citing confidentiality. Representatives of Ibragimov, Chodiev and Surlevich also have not responded. FT suggests that the Kazakh government might support Ibragimov’s bid, valuing a long-term, reliable key shareholder for ERG.
On April 21, Reuters reported that U.S. businessman James Cameron expressed interest in acquiring ERG for $5 billion. He allegedly sent a letter to ERG’s board proposing the deal, with negotiations reportedly ongoing since late 2024.
However, ERG CEO Shukhrat Ibragimov denied any sale discussions, calling the media reports speculative.
In mid-March, Bloomberg reported that the Chodiev and Mashkevich families were also looking to sell their shares in Eurasian Financial Company JSC, the parent firm of the bank, insurance company and a brokerage. Ibragimov opposed the move and even filed a lawsuit to block the appointment of an independent board director.
ERG, registered in Luxembourg, oversees major mining and natural resource processing operations. Its portfolio includes ferroalloy, iron ore, aluminum, coal and energy assets in Kazakhstan, as well as copper and cobalt projects in Africa and an iron ore project in Brazil.
In Kazakhstan, ERG owns several key enterprises, including Kazchrome, Aluminum of Kazakhstan, Sokolov-Sarbai Mining Production Association (SSGPO), Kazakhstan Electrolysis Plant, Eurasian Energy Corporation, Shubarkol Komir and TransCom Transport Group.
