Turlov Private Holding could potentially take several projects public

Turlov Private Holding Ltd. (TPH), which brings together businessman Timur Turlov’s private investments, is considering merging several mining projects, followed by a potential public listing, CEO Olga Baskakova said at a press breakfast on Oct. 8.

She said that TPH’s portfolio includes several projects that could potentially form a standalone publicly traded group. At the same time, the exact timeline for a potential initial public offering (IPO) has yet to be determined.

«At some point, probably, we’d like to merge the mining group. Developing is a natural process for any such big group. But we need to grow a little bit first. There are certain financial indicators, requirements, history that are needed,» Baskakova said.

She added that the holding is already considering several projects it could merge and bring to the capital market in the future.

From gold to copper

Mining remains one of TPH’s key investment areas. The holding’s portfolio includes projects in gold, nickel and copper mining. In particular, in 2023, the holding company acquired a stake in Central Asia Gold, a group of companies developing a gold deposit. TPH also invests in industrial assets, including a cement business in Semey.

Baskakova explained that many industrial and resource projects require a long investment cycle. In mining, the path from initial investment to production launch can take up to 10 years. Therefore, the holding company primarily focuses on the long-term development of its assets and increasing their value.

Going public may be one of the next stages for such companies once they meet the required financial indicators and reach sufficient business scale.

No IPO planned for TPH

At the same time, TPH is not considering an IPO of its own in the near term.

«We definitely don’t even plan to think about taking Turlov Private Holding itself public over the next three years. But at the same time, we are considering the possibility that some group or company could become a separate public group,» Baskakova said.

According to her, it is common for mining and logistics companies to go public. However, a business must reach a stage of development at which its shares become attractive to investors.

So far, none of the projects developed within TPH over the past four years have gone public. Meanwhile, several portfolio companies are already raising financing through bond issues on the Astana International Financial Centre (AIFC) market.

The holding is also exploring additional sources of capital, including opportunities to attract Chinese investors and issue debt instruments.

Turlov Private Holding at a glance

This is a private investment company registered on July 19, 2021, within the AIFC jurisdiction. The holding company consolidates the personal investments of Timur Turlov, founder of Freedom Holding Corp., and operates separately from the public financial group.

TPH’s investment portfolio includes more than 60 companies across various sectors of the economy. Key areas include mining, industry, logistics, aviation, infrastructure, technology, media, education and sport. Kazakhstan is the main geographic focus of its investments.

The holding’s projects include Sary-Arka International Airport in Karaganda, Alatau AirCargo, a data center under construction in Astana and FC Shakhter Karagandy. TPH is involved in both establishing new companies and developing existing businesses. Unlike Freedom Holding Corp., whose shares trade on Nasdaq, TPH is a private entity.