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An investigation by Forbes Kazakhstan has revealed a dissolved company among the founders of the Sulpak electronics retail chain، prompting questions about the chain's current ownership structure.

According to official registry data in Kazakhstan، the legal entity for Sulpak، 'Arena S' LLP، lists Kazakh company 'Estafeta' LLP and Cyprus-based Iqaluit Enterprises Limited as its founders.

Concerns Over Dissolved Entity

However، journalists discovered that Iqaluit Enterprises Limited، registered in Cyprus in 2008، was marked as 'Dissolved' in June 2023. This indicates the company ceased operations or was liquidated nearly three years ago.

Who Owns Sulpak Now؟

Publicly available information from counterparty verification services shows Iqaluit Enterprises Limited (Cyprus) was dissolved on June 9، 2023. In contrast، 'Estafeta' LLP، established in 2012، has been owned by prominent businessman Almas Sultanov since March 2021.

Further details regarding the ownership structure are being sought through an official inquiry to the Ministry of Justice of the Republic of Kazakhstan.

Sulpak's Market Position

'Arena S' LLP is recognized as a major player in the market. In 2025، the company was ranked 15th in the rating of the top 75 private companies in Kazakhstan، with an estimated revenue of 331.7 billion tenge.

This report was provided by Infohub.kz.