At a press conference, the leaders of “Zerendi-Astyk” LLP and its investor, “Kazakhstan Grain Consortium” LLP, discussed this year’s harvest campaign and answered questions from journalists. According to Bakhtiyar Ospanov, General Director of “Kazakhstan Grain Consortium” LLP, Zerendi-Astyk has achieved a record yield since the consortium became its investor. The company has already begun making payments to shareholders, and Zerendi-Astyk is the first among the consortium’s farms to do so.
Ospanov noted that the consortium took over Zerendi-Astyk in 2021, paying off its debts and reviving the company. Previously, the firm was in a poor state with various debts, and its lands had been pledged to the Problem Loans Fund. The company was close to bankruptcy, but the consortium prevented the sale of pledged lands. However, the illegal withdrawal of shareholders from the partnership through fraudulent protocols has hindered the company’s development. The partnership once owned 36,000 hectares of land, but it has now lost about 18,000 hectares to other companies.
Ospanov explained that the company is in a challenging position as an investor, having taken on the former shareholder’s debts while the land available for cultivation has significantly decreased. A lengthy court process between the partnership and shareholders is ongoing, with court rulings confirming the fraudulent nature of the protocols. However, the company is currently in negotiations to reach an agreement with shareholders. Ospanov invited former shareholders to return to the partnership to work together and receive dividends.
According to Zerendi-Astyk LLP, approximately 70 shareholders who had left the company returned in 2023, and over 30 others are preparing to rejoin. Ospanov emphasized that the amount of dividends paid to shareholders has increased, rising from 5% under the former investor “Kazexportastyk” to 7.5% today.
The head of Kazakhstan Grain Consortium, which consists of 23 farms, also spoke about the company’s social responsibility and technical improvements. This year, the company purchased 43 new combines, including 10 imported models, and plans to add 32 seeding units by spring 2025. In terms of social responsibility, the company clears snow from rural roads and has been repairing cultural centers and medical points in villages where Zerendi-Astyk shareholders live and work.
Despite past challenges, including low performance and the departure of shareholders, the company has continued to meet its social obligations. Ospanov predicted that Zerendi-Astyk would become profitable by its fourth year, allowing for increased efforts toward social projects in the region.
