Turkish Safi Holding registers AIFC entity for $200m Kazakh sugar refinery

Turkish businessmen Safi Atakan, Farukh Safi, and Umit Safi have registered Safi Kazakh Sugar Company within the Astana International Financial Centre (AIFC) to facilitate the construction of a sugar refinery in Kazakhstan. The Setup The newly formed entity, registered on September 23, serves as a holding vehicle for the acquisition and management of subsidiaries involved in sugar production and retail. The company's initial registered capital is $100,000. Project Scale and Capital Safi Holding aims to build a plant with a production capacity of 140,000 tonnes of sugar per year. According to figures provided by the Ministry of Agriculture, the estimated capital expenditure for the project ranges between $150 million and $200 million.