Message from the Chairman – New Year 2025
As we welcome 2025, I extend my heartfelt greetings and best wishes to our clients, partners, and dedicated team members at Khan Teniri Capital. The dawn of a new year is an opportunity to reflect on our achievements and to set our sights on the future.
The Kyrgyz economy continues to demonstrate remarkable resilience and growth, and Khan Teniri is proud to be at the heart of the financial services sector driving this progress. Our shared efforts contribute not only to the prosperity of our company but also to the broader economic development of Kyrgyzstan.
As Kyrgyzstan solidifies its position as a regional financial centre, connecting global markets with Central Asia and enabling capital creation, Khan Teniri remains at the forefront of this progress. I am particularly proud of our work in the field of Islamic securities, where we continue to offer innovative products and solutions.
To our dedicated staff, your unwavering professionalism, expertise, and hard work have been instrumental in our success. To our valued clients, thank you for your confidence in us. Together, we have built a foundation for sustained success, and together, we will continue to achieve great things in the years to come.
Warm regards,
Zainidin Tagayev
Chairman
Khan Teniri Capital PLC
Khan Teniri Capital PLC is a broker-dealer and investment manager committed to delivering market-leading customer service and technical innovation. A public company, its equity listed on the Stock Exchange of Kyrgyzstan (BTS).
Services
Corporate finance
We are happy to advise you on:
- Crafting a regional strategy by pursuing acquisitions within the Kyrgyz Republic.
- Launching your company on the Kyrgyz Stock Exchange, along with securing secondary listings internationally.
- Tapping into institutional financing options provided by lenders based in Kyrgyzstan and those with a regional focus.
- Strategies for liquidating investments in Kyrgyzstan, especially those within the mining sector, leveraging our specific expertise.
Securitization solutions
Khan Teniri Capital offers its clients the opportunity to improve the liquidity of their assets via securitization. This process involves the creation of marketable securities that are backed by the securitized assets, with these securities eligible for admission into major international clearing networks. The issuance of these asset-backed securities is conducted by special purpose entities, which are established in recognized corporate finance centres, whether offshore or onshore.
Asset management
We work closely with our clients to understand their unique risk tolerances and investment goals, tailoring our asset management solutions to meet their specific needs.
Khan Teniri Capital delivers a variety of investment strategies to both local and international clients, including:
- Strategies focused on capital preservation in major currencies such as USD, EUR, CHF, offering conservative, low-yield options through themed equity baskets (for example, emerging tech, pre-IPO companies in the US, new economy minerals, energy commodities, agriculture, and more).
- Portfolios actively managed by top asset managers.
Startup finance
Leveraging an extensive wealth management network, Khan Teniri Capital connects startups and venture projects with private equity sources. These sources include ultra-high-net-worth individual (UHNWI) families, venture investors, and private funds that specialize in investing in projects with significant growth potential.
Mergers and acquisitions
Khan Teniri Capital manages a portfolio of private M&A (Mergers and Acquisitions) mandates from international investors aimed at expanding their operations by acquiring fitting businesses in Kyrgyzstan. We invite you to express your interest in investing in the Kyrgyz economy through these opportunities.
Companies in Kyrgyzstan looking to grow can leverage our services to find an appropriate joint venture partner or to sell a stake in their business, facilitating its future development.
Our expertise specifically encompasses the following sectors:
- Mining, covering all phases from exploration to active mining operations.
- Agriculture, including a wide range of agricultural ventures and projects.
- Banking and finance, which extends to the microfinance sector and retail non-banking financial services, indicating a broad interest in financial inclusion and innovation within the region.
Brokerage services
We provide our clients entry to a broad spectrum of trading platforms and markets, including the Kyrgyz Stock Exchange, exchanges and over-the-counter (OTC) markets across the Commonwealth of Independent States (CIS), as well as major global exchanges and OTC markets.
Our offerings cover the following asset classes:
- Fixed Income, including bonds and other debt securities,
- Equities, representing ownership in companies,
- Commodities, including natural resources like oil, gold, and agricultural products,
- Futures, contracts to buy or sell assets at a future date,
- Options, contracts that offer the right, but not the obligation, to buy or sell assets,
- Exchange-Traded Funds (ETFs), which are funds traded on stock exchanges much like stocks,
- Structured instruments, which are customized products that meet specific investor needs,
- OTC deals, transactions conducted directly between parties outside of formal exchanges
A unique opportunity in Kyrgyz fixed-income products.
- The Kyrgyz Som is the most stable currency in Central Asia and has appreciated against the US dollar over the past 12 months.
- Kyrgyz fixed-income instruments (corporate and government bonds) offer significantly higher yields than those available in developed markets, with an additional opportunity to benefit from currency appreciation.
Recent bond issues
Name | OJSC InvestCor SA – 2nd Issue | OJSC ABN – 5th Issue | OJSC Bakai Bank – 1st Issue |
Duration | 3 years | 3 years | 2 years |
Currency | KGS | KGS | KGS |
Interest rate | 18% per annum | 18% per annum | 13.5% per annum |
Why Kyrgyzstan?
From the first days of independence, the Kyrgyz Republic has maintained an open economy backed by investor-friendly laws. The country has since established itself as a regional investment hub, with a developed stock market infrastructure and opportunities across a diverse range of sectors.
- Mining, agriculture, tourism, financial services
- No exchange controls
- A stable currency
- Neutrality in global politics
- Reasonable taxation
Islamic securities
Kyrgyzstan is positioning itself as a leader in Islamic finance within Central Asia, being the first in the region to issue Islamic certificates (sukuk). Khan Teniri Capital is leading the way in establishing standards for the issuance of Islamic securities and provides a comprehensive suite of services for companies interested in utilizing this method for financing.