Umai Holding, the largest FMCG operator and market leader in Kyrgyzstan, owned by Dubai-registered Visor International, has agreed to acquire the Kazakhstani supermarket chain Vkusnaya Korzinka. Once the deal closes, the company will operate more than 220 stores in Kazakhstan and Kyrgyzstan. The transaction has yet to be approved by Kazakhstan’s antimonopoly authority.
Vkusnaya Korzinka operates 49 supermarkets in Taraz and other cities in southern Kazakhstan. Umai Holding expects the acquisition to strengthen its position in the region and mark another step toward building a major grocery retail chain in Central Asia.
Following the completion of the transaction, Umai will combine its Kyrgyz operations with Vkusnaya Korzinka’s regional business. The company expects this to expand its product range, offer customers better prices, promotions and special offers.
The holding also believes the deal will lay the foundation for further growth in Central Asia. Kazakhstan remains the region’s largest market, while Kyrgyzstan retains potential for organic growth, the company said.
Umai emphasized that it intends to retain Vkusnaya Korzinka’s existing management team. The chain will also gain access to the group’s operational expertise, its investment capabilities and the experience of its shareholder, Visor International.
According to Michael Sauer, CEO and partner of Visor International, the acquisition is in line with the company’s growth strategy of combining organic expansion with targeted acquisitions.
In turn, Almaz Tultyev, founder of Vkusnaya Korzinka, said the company had been looking for an investor that shared its values and was committed to long-term growth.
Umai previously announced a partnership with the International Finance Corporation (IFC). Under the arrangement, the company will receive a credit line of up to $50 million. The funds will be used to build a new distribution center in Bishkek and further expand its business across Kyrgyzstan.
Visor’s majority shareholder is Kazakhstani businessman Aidan Karibzhanov. He ranks 45th among Kazakhstan’s richest people, with an estimated net worth of $263 million, according to Forbes.
Through his holding company, he also holds stakes in Greencity KZ, Northern Wind Kazakhstan, Aua Energy, Sarma Energy and Qanat Energo. All of these companies generate electricity from wind farms. The businessman also holds a stake in TenizService through Waterford International Holdings Ltd.
The businessman’s assets in Kyrgyzstan are held through the Alga Group, which is owned by Visor International. The group includes the mobile operator O!, the microfinance company Akcha Bulak and O! Bank (formerly Halyk Bank Kyrgyzstan).
