Foreign firms are lining up to take a bite out of Kazakhstan’s lucrative chocolate market. Beloved local chocolatier Rakhat is tempting a South Korean investor, while Turkey's Ülker has recently expanded its Kazakhstan candy operations.
In July, Seoul-based Lotte Confectionery announced plans to takeover Almaty's Rakhat, which EurasiaNet.org featured in March. The deal will see Lotte buy 76 percent of Rakhat's common shares for an estimated $157 million, valuing the company at $43.5 per share, a premium of around 30 percent on the current share price listed on the Kazakhstan Stock Exchange.
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