Crystal Management JSC, controlled by businessman Timur Kulibayev through the Joint Resources holding company, did not approve dividends for the 2024 financial year.
According to ORDA, the general meeting of shareholders approved the company's financial statements and declined to distribute profits. The reason was a loss of over 500 million tenge.
"Due to the absence of the company's net income for 2024 — not to approve the procedure for income distribution and not to set the amount of dividend per ordinary share," states the document on the KASE website.
It has become known that Crystal Management is involved in exploration work at the Sultaban field in the Kyzylorda region, but the project has not yet moved into the active production phase.
51% of shares in the enterprise belong to Kulibayev's holding company — Joint Resources JSC. Among the other co-owners of the company are Euroasia Construction LLP (owners Askar Aubakirov and Kairat Krymov), Positive-A JSC (Zhumabike Zhilbayeva) and FCI Management LLP (Raushan Sagdiyeva).
As a reminder, it was previously reported that Joint Resources JSC also declined dividends for 2024. At the end of the year, the company's assets amounted to 352.8 billion tenge, total liabilities — 41.1 billion tenge, and retained earnings — 153.4 billion tenge.
Despite the positive indicators, the holding company recorded a loss, which was the reason for refusing to pay dividends.