Eurasian Natural Resources Corporation PLC (ENRC), Kazakhstan's leading mineral company has announced the purchase of a 25% stake of “Shubarkol Komir” JSC for USD 200 mln in cash.
“Shubarkol Komir” JSC is one of the biggest producers of steam coal and low temperature coal in Kazakhstan. The controlling interest in “Shubarkol Komir” JSC belongs to “Eurasian Financial-Industrial Company” CJSC – a private company of three share-holder-founders of ENRC.
Following the acquisition ENRC signed an offtake agreement with “Shubarkol Komir” JSC, gaining a seat in its board of directors, and has signed corporate agreement with the Eurasian Financial-Industrial Company.
The ENRC management considers that the deal will increase the share value for all ENRC share holders.
“Buying of “Shubarkol Komir” JSC guarantees further strategic development of the Group in the region and strengthens the integrated business model of the ENRC, providing a sustainable and cost-effective resource of high quality steam coal and low temperature coke”, according to ENRC.
Source: Kazinform
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