Kenes Rakishev’s Novacom gets a new name


Novacom corprotation, fully owned by Kenes Rakishev decided to re-brand itself to Fincraft Group, Kazakhstan Stock Exchange (KASE) official media reported.

KASE-listed Novacom Corporation decided to get a new name – Fincraft Group. The change will be effective from November, 1. It was requested by the sole shareholder. The decision to boost the capital of the “Fincrafe Ltd” to 107.713 billions of tenge was published October 28. It is 500 billions more than it was before.

S&P Global Ratings appointed B/B credit grade to Novacom Ltd. BTA bank ratings were confirmed at the same B/B level. Novacom Corporation is a holding company founded by AO BTA Bank. It itself holds 29 percent interest in BTA Bank.

S&P has given a high grade for Kenes Rakishev efforts to return the assets stolen by the previous management of BTA Bank. His Novacom, and now Fincraft Group, will continue the fight for assets.

Kenes Rakishev, a well known businessmen, is best known to international community due to his involvement in startup movement and the first crypto-enabled smartphone. His Saby charity fund is known for environmental protection and young entrepreneurs support in Kazakhstan.

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Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is [email protected]

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