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Kinstellar advises on Central Asia’s largest healthcare PPP project
Kinstellar is proud to announce its involvement in the development of Central Asia's largest public-private partnership (PPP) medical facility in Kokshetau, Kazakhstan. With financing led by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), this project marks the region's first healthcare PPP, supported by a EUR 365 million financing package from six major financial institutions. The 630-bed, multi-disciplinary hospital will operate under a greenfield PPP model, serving over 730,000 residents in Kokshetau and the broader Akmola region. Designed to achieve both LEED "Silver" and EDGE certifications, the facility embodies a strong commitment to sustainability
Kinstellar advises Baiterek National Managing Holding JSC on the sale of Bereke Bank, in Kazakhstan
Kinstellar has advised Baiterek National Managing Holding JSC on the KZT 65 billion (approx. US$135 million) sale of Bereke Bank JSC to Lesha Bank LLC, the first independent Shari'a-compliant Bank authorized by the Qatar Financial Center Regulatory Authority (QFCRA), and a listed entity on the Qatar Stock Exchange (QSE: QFBQ). This significant transaction aligns with the President Kassym-Jomart Tokayev’s drive for foreign investment in Kazakhstan's financial sector. Our involvement highlights our ability to navigate complex legal frameworks, particularly when dealing with government entities. This deal continues to demonstrate Kinstellar’s strong M&A capabilities on transactions involving Kazakhstan and English
Kinstellar advises the mandated lead arrangers and bookrunners in relation to a US$300 million syndicated term loan provided to Halyk Bank of Kazakhstan
Kinstellar has successfully advised the mandated lead arrangers and bookrunners on joint stock company Halyk Bank of Kazakhstan’s US$300 million syndicated term loan, which comprises 1-year and 3-year tranches. This marks Halyk Bank’s return to the international syndicated loan market, allowing it to secure vital funding and diversify its capital base under competitive terms. This significant transaction reopens the international syndicated loan market for Kazakhstan banks, highlighting growing international confidence in the sector. The deal was led by Citibank, London Branch, Abu Dhabi Commercial Bank, and Commerzbank. Our legal team was led by partners Joel Benjamin and Adlet Yerkinbayev, with support
Purpose of the Astana International Financial Centre (AIFC) and application of AIFC Law, in Kazakhstan
We have gathered practical insights based on case studies within the Astana International Financial Centre (AIFC), with a focus on the application of law in this jurisdiction. In this brief note, we aim to summarize these key points and share them with potential AIFC participants, investors, and professionals in the legal and financial sectors. It is important to note that this is not an academic article or legal advice, but rather practical observations. Purpose of the AIFC and application of AIFC Law As a starting point, the AIFC, located in Astana, Kazakhstan’s capital, was created to serve as a specialized financial hub, fostering investments and promoting regulated financial services. What distinguishes
Expanding opportunities for retail investors in Kazakhstan: AIFC's influence on the new legislative framework
According to the official website of the Government of Kazakhstan, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market is working on a new legislative proposal with the goal of broadening the participation of retail investors in collective investment schemes (the "CIS") across Kazakhstan. Currently, the CIS retail business is mainly possible within the Astana International Financial Centre (AIFC). While this could be seen as competition with the AIFC, in the long term, the adoption of such a law will help create a solid platform for the development of funds not only within the AIFC but also throughout Kazakhstan. In these proposed innovations, we see the influence of the flexible
Minority shareholder protection in the AIFC, Kazakhstan
In private companies limited by shares, the most popular form of company established in the Astana International Financial Center ("AIFC") shareholders range from those with majority ownership stakes (i.e. greater than 50%) to those with smaller holdings. The latter, known as minority shareholders, often face challenges due to their limited ability to influence business decisions. Our expertise lies in safeguarding the rights of minority shareholders, offering advice on protection strategies and negotiation tactics to ensure fair outcomes in disputes involving misconduct by directors or controlling shareholders. After five years of closely monitoring the AIFC legislation and practicing corporate law within the AIFC, we believe
Redomiciliation under AIFC Laws revisited: Definition, benefits, process and booming trend
The Astana International Finance Centre ("AIFC") continues to be a destination point for foreign companies seeking growth and stability in their operations. In addition to the traditional incorporation of companies, the AIFC enables the registration of foreign companies under the “Transfer of incorporation” scheme, i.e., through redomiciliation. It has been five years since the first successful case of “Transfer of incorporation” by Kazakhstan Energy Reinsurance Company Ltd. ("KERC") from Bermuda to the AIFC. Kinstellar acted on this first-of-its-kind redomiciliation project, which set a precedent for the transfer of other foreign operations and capital from overseas to the AIFC. Thus, considering the growing interest
Kinstellar advises Halyk Bank on the sale of its subsidiary in Kyrgyzstan
Kinstellar's Kazakhstan office has successfully advised Halyk Bank, a leading financial services group, on the sale of its subsidiary in Kyrgyzstan, to a consortium of buyers within the investment group Visor International DMCC. The financial details of the transaction are undisclosed. Originally established as Kyrgyz Kairat Bank, the subsidiary was acquired by Halyk Bank in 2004 through a bidding process. This transaction follows the previous divestment of assets of Halyk Bank of Kazakhstan, including the recent sale of its Tajik and Russian subsidiaries. The Kinstellar team was led by Partner Adlet Yerkinbayev, and Counsel Kuanysh Shekerbekov.
Kinstellar facilitates Araltuz's expansion in Kazakhstan: A landmark English Law transaction
Kinstellar is thrilled to announce our firm's leading role in facilitating a significant transaction whereby the European Bank for Reconstruction and Development (EBRD) has made an investment in Araltuz, a leading Kazakhstan-based producer of table and low-grade technical salt in Central Asia. Led by our outstanding team, including Joel Benjamin, Managing Partner for Central Asia, Kuanysh Shekerbekov, Counsel in Kazakhstan, and Bianka Kovács, Associate in our Budapest office, we provided expert counsel on this ground-breaking transaction governed by English law. Our collaborative effort, supported by Almas Zhaiylgan, Counsel in Kazakhstan, and other colleagues, demonstrated our firm's cross-border capabilities and deep
Kinstellar announces new promotions to Counsel
February 2024 – Kinstellar is delighted to announce the promotions to Counsel of: Yerlan Akhmetov, Kuanysh Shekerbekov (Almaty, Kazakhstan), Cătălin Dinu, Cătălin Graure (Bucharest, Romania), Barnabás Sági (Budapest, Hungary), Yulia Eismont, Maksym Tesliar (Kyiv, Ukraine), Michal Forýtek (Prague, Czech Republic), Andrijana Kaštelan, Vedran Kopilović, Marija Vuchetich (Zagreb, Croatia). ALMATY Yerlan Akhmetov focuses on banking and finance, M&A and capital markets matters. Having been with the Firm for nine years, Yerlan has earned a reputation for cultivating strong client relationships, demonstrating leadership qualities and making significant contributions to our firm's success. He has played a key role
Kinstellar strengthens its team in Kazakhstan with the appointment of Ardak Idayatova as Partner
Kinstellar is delighted to announce that Ardak Idayatova has joined the firm’s Almaty office as Partner. Ardak Idayatova is an experienced practitioner with a career spanning 20 years. She focuses primarily on commercial arbitration (especially construction arbitration) and litigation, as well as on public-private partnerships and real estate. Ardak’s expertise includes providing comprehensive support to major infrastructure projects, primarily representing foreign investors, international development banks and foreign contractors. Additionally, she represents and provides legal assistance to clients in foreign commercial arbitrations, mainly in connection with construction disputes arising out of different
Kinstellar’s Kazakhstan office advises Kaspi.kz on historic NASDAQ IPO
Kinstellar's Kazakhstan office, a prominent legal advisor in the region, played a crucial role in guiding Kaspi.kz, a leading financial technology company headquartered in Kazakhstan, through its successful upsized U.S. Initial Public Offering (IPO) on January 23, 2024. The offering, featuring the sale of 11,300,000 American depositary shares (ADSs), raised an impressive USD 1.04 billion. This significant achievement builds upon previous successes in 2020, when the Kinstellar team acted as the Kazakhstan legal counsel involved in the simultaneous Kazakhstan and London dual offering/listing of Kaspi.kz. Kaspi.kz, originally established as a bank in 2008, has evolved into a fintech powerhouse, providing a comprehensive