Freedom Holding agrees to sell up to $1,160,000,000 of bonds to Kokzhiyek Fund
The five-year dollar bonds pay 7.8% a year and will be listed on the Astana International Exchange.
Freedom Holding has agreed to sell up to $1,160,000,000 of dollar bonds to a single buyer, Kokzhiyek Fund LP, narrowing an earlier plan that had pointed to dollar and Chinese yuan debt sold more widely. The agreement was signed on October 23, 2026.
The bonds will be issued by FRHC-IF.SPC Ltd., a Freedom Holding subsidiary. They mature five years after issuance, pay interest at 7.8% a year and will be listed on the Astana International Exchange. Dollars are the only currency named.
The money is set aside for seven projects. They cover data centers, an artificial intelligence supercluster, telecommunications infrastructure, media, urban technology and cross-border trade. That fits earlier reports that Chairman and CEO Timur Turlov was weighing bonds to pay for telecom and data center expansion.
Three parties guarantee the bonds: Freedom Holding, its subsidiary Freedom Kazakhstan Ltd., and Turlov himself. Repayment support therefore reaches across the group and to its chairman personally. That bears on credit exposure if the seven projects take longer than planned to return money.
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