Tuesday, October 19 2021

Galimzhan Essenov, one of the most prominent representatives of Kazakh companies, has established a direct investment fund for agricultural projects at the head office in Singapore.

Asadel Partners PEF Pte., Was founded by Yessenov and his business partner Margulan Seisembayev to develop hydroponic projects in the fruit and vegetable growing segment.

The launch of Asadel is an example of a general trend to meet the food needs of the growing Asian population. First, it is advantageous to use and develop the uninhabited and uncultivated areas of Central Asia. First, it concerns Kazakhstan.

co-founder of Asadel Galimjan Essenov is becoming an increasingly important figure in Kazakhstan. At 38, he owns a capital that experts estimate at $ 500 million.

Galimzhan Essenov (Courtesy photo)

Yessenov took his first steps in agribusiness in 2007 when he bought the Kazphosphate fertilizer company for $ 120 million.

According to Pitchbook, Asadel Partners PEF has made several investments since its launch, including the acquisition of a stake in Alel Agro JSC, a poultry company in Kazakhstan.

Yessenov owns 50% of Asadel Partners through Fabiano Ltd, based in Ras Al Khaimah in the United Arab Emirates. Fabiano acquired Asadel’s stake from Narwal Ltd, domiciled in the British Virgin Islands.

It appears that Yesinov was behind Narwal as well, as the company’s candidate was Timur Zhanabaev, who worked for Yesinov at other companies including KNG Finance and Kazphosphate.

Essenov’s rapid growth in Kazakhstan coincides with his marriage to the daughter of one of Kazakhstan’s most influential politicians, Akhmetzhan Yesimov.

Yessimov was Minister of Agriculture when his son-in-law was interested in agro-industry. Today, the former minister is the chairman of the National Social Protection Fund Samruk Kazyna of Kazakhstan.

There is some disagreement in Kazakhstan over relations between Yessenov and his stepfather, who remains a close ally of ex-President Nazarbayev. According to media reports, ATF bank in Essenov received significant financial assistance from the Kazakh government and Samruk Kazyna contributed to the bank despite its low credit rating.

Another major shareholder of Asadel is Margulan Seisembayev, a former goat farmer who made his fortune at Alliance Bank. The bank collapsed during the financial crisis. Seisembayev was convicted of financial crimes and sentenced to two years’ probation.

Seisembayev also carries weight in Asadel through his wife Saule Seisembayeva. Willow owns 47.5% of the shares. Another shareholder of Asadel Partners is Erik Sultankulov (2.5%), Alliance Bank ex-CEO.

The Singapore-based investment company is part of the Asadel Group, established in the Middle East region and Kazakhstan. It should be noted that “Asadel” in translation from Arabic means “to succeed”.

Seisembayev announced the launch of the private equity fund Asadel by posting on Facebook in 2015. He wrote: “Asadel’s capital is $ 100,000,000 plus an option for an additional $ 100,000,000 if the first tranche is successful.

Seisembayev announced that the first round of investments was the 50% shares of Astana Fruits LLP and Fresh Fruits LLP priced at $ 15,000,000.

Margulan Seisembayev also founded a venture capital firm Asadel Venture Holding in Singapore to invest in tech startups in the United States and the European Union. Willow Seisembayeva owns 98% of Asadel Ventures, and the remaining 2% is owned by Murat Yuldashev, who previously worked at BTA-Bank in Kazakhstan.

Seisembayev and Yuldashev were introduced by mutual friend Iskander Yerimbetov, who also worked at BTA-Bank under the leadership of Mukhtar Ablaizov. Yerimbetov was convicted of corruption and money laundering at BTA and sentenced to seven years in prison but did not serve his sentence and was released after two years in detention.

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