The Development Bank of Kazakhstan has accepted for review an application to build a plant producing technical gases, electricity, oils and other products in the North Kazakhstan Region. The application for a state loan was submitted by Circular-M, the company implementing the project, and it is currently at the "Business Proposal" stage, according to infohub.kz.
In the project card on the DBK website, the loan beneficiary is listed as Shyngyskhan Tortkara. However, the individual currently has no legal connection to the company.
Circular-M was registered in March 2024. Initially, the enterprise was owned by Yekaterina Abdymazhitova. In April 2025, the founders changed: for three weeks, Shyngyskhan Tortkara became the owner, after which on April 30, 2025, the firm passed to Yerlan Shalkarbayev. Judging by all indications, the application to the DBK was submitted during this three-week ownership period.
Notably, there is no mention of Tortkara in open sources: he does not own other companies and is not listed as an employee anywhere.
Currently, the founder and head of Circular-M is Yerlan Shalkarbayev. Open data shows that the entrepreneur also owns Global Export Trade, registered in Kostanay and engaged in wholesale trade of a wide range of goods without specification. Shalkarbayev has no other businesses or affiliated structures.
There is no additional information online about any of the three owners and former owners of Circular-M.
Earlier, Kursiv wrote about how China will launch a powerful metallurgical plant in the Zhambyl Region for $1.2 billion.