The general meeting of shareholders of Satti Zhuldyz (Сәтті Жұлдыз) held on September 10 decided to include the company's ordinary shares in the official list of the Astana International Financial Centre's AIX exchange, according to the company's notice on corporate events. This was reported by Qazaqyia.kz citing Kursiv Media.

Kazakhstan's sole lottery operator does not specify which stake of its shares is being placed, but 70% of Satti Zhuldyz shares belong to entrepreneur Sergey Shvalov, while the ultimate owner of the 30% stake is entrepreneur Nikolay Neplyuyev.

"To pass the procedure for including the company's ordinary shares in the official list of the stock exchange of the Astana International Financial Centre – Astana International Exchange, and to admit the company's ordinary shares to trading in the trading system of the Astana International Exchange," the list of decisions adopted by shareholders states. The Telegram channel Finmentor was among the first to draw attention to it.

The announcement was published on the evening of September 24.

In addition, shareholders decided to approve the company's Corporate Governance Code.

Financial performance

The national lottery operator Satti Zhuldyz earned 2.5 billion tenge in profit in 2025, compared with a loss of 1.4 billion tenge in 2024, as reported earlier. The lottery operator managed to turn profitable against the backdrop of a sharp rise in revenue to 232.95 billion tenge from 121.1 billion tenge in 2024 (+92%). At the same time, the company's management expected revenue to grow by 25% in 2026 compared with 2025.

At the end of 2025, Satti Zhuldyz's retained earnings amounted to 172.2 million tenge. To cut the costs of distributing paper lottery tickets, the company is completing its transition from its own retail network to an agency network. As of April 30, 2026, 94 of its own retail outlets had become agency outlets, and the number of its own outlets had fallen to 82. In addition, the company is increasing the share of electronic tickets, moving to them from paper instant lottery tickets.

In 2025, Satti Zhuldyz managed to cut labour costs for key management personnel to 209.2 million tenge (for four people) from 378.7 million tenge in 2024 (for six people).

Shareholders and credit lines

Satti Zhuldyz's main shareholder, Sergey Shvalov, provided the company with two interest-free credit lines in 2017-2019 – at the end of 2025, the debt on them amounted to 1.69 billion tenge. In early 2026, the company partially repaid this debt, and at the time of issuing the 2025 financial statements, the remaining debt owed to Shvalov stood at 1.2 billion tenge.

At the end of 2025, 70% of the shares of Almaty-registered Satti Zhuldyz belonged to entrepreneur Sergey Shvalov, and 30% to the private company TLC System Ltd. TLC System Ltd. is owned by NLT Technologies, which is owned by entrepreneur Nikolay Neplyuyev (he has a sole proprietorship and also owns the company ADV AGRO). Sergey Shvalov owns a number of companies: Saikan LTD, CBM LTD, Gornopromyshlennaya Kompaniya Gorizont, Simtau Invest and Great Trade.

Sergey Shvalov is also the founder and head of Logycom, a major Kazakh manufacturer and seller of computer equipment and IT products. Sergey Shvalov founded Satti Zhuldyz with a partner in April 2016.

Status of the lottery operator

Satti Zhuldyz is the only official lottery operator in Kazakhstan under the law "On Lotteries and Lottery Activity" (adopted in 2016). Under a 2017 government resolution, the company received the right to run lotteries in Kazakhstan for a period of 15 years.

On June 23, 2022, Satti Zhuldyz received a certificate of compliance with the responsible gaming standards of the European Lotteries. The initial certificate was valid until June 2025. In May 2025, the company underwent re-certification, receiving a new certificate valid until May 2028.

Taxes and contributions

The financial statements note that from January 1, 2026, turnover from lottery activity is not subject to value added tax. Recall that from January 1, 2026, the VAT rate rose to 16% from 12% previously.

"From January 1, 2026, in accordance with the Tax Code of the Republic of Kazakhstan (Article 450, subparagraph 6), turnover from lottery activity is classified as not subject to value added tax. Accordingly, from that date, the company has no obligation to accrue and pay value added tax in respect of such operations," the document said.

From July 1, 2025, Satti Zhuldyz is obliged to contribute 3% of the difference between revenue from sold lottery tickets, electronic lottery tickets and the prize fund to the development of creative industries. In addition, the company contributes 10% of the said difference to the public fund Kazakhstan Khalkyna, as well as 10% to the development of physical culture and sports. In 2025, contributions to sports development amounted to 4.2 billion tenge, to the Kazakhstan Khalkyna fund – 4.2 billion tenge, and to the development of creative industries – 630.7 million tenge.