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Kazakhstan Chocolate: Everyone Wants a Bite

Rakhat’s “Kazakhstan.” Everyone wants a bite of Kazakhstan chocolate. (Photo: David Trilling)

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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Kazakhstan Chocolate: Everyone Wants a Bite

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