Head of Almaty-based Rakhat Confectionery to resign by November end

President of Almaty-based Rakhat Confectionery Anatoly Popelyushko will leave the enterprise in the end of November 2013, Tengrinews reports citing the press-service of the factory. Rakhat Confectionery refuted the media reports saying that Popelyushko left the factory right after the deal to sell 76% of the Confectionery to South Korean Lotte Confectionery was finalized. The reported cost of the deal is $157 million. There is no information on the further plans of the factory’s head. The intent to sell Almaty-based Rakhat Confectionery to the Korean company was announced back in June 2013. This deal continues a series of Lotte's acquisitions: Belgian Guylian in 2008 for $164 million, Polish Wedel for $250 in 2010 and Pakistani Sulemanji Esmailji & Sons in 2011. Rakhat Confectionery is the largest manufacturer of confectionery in Kazakhstan with the market share of 10%. Rakhat Confectionery was founded in 1942 and produces over 250 varieties of confectionery products. Besides supplying the domestic market of Kazakhstan the company exports its products to the neighboring post soviet countries and further abroad, including to Russia, Tajikistan, Germany, Mongolia, China. The company reported a net profit of almost $13 million in 2012.