ENRC Acquires All Outstanding Shares of Shubarkol Komir JSC
Tuesday 17 April 2012
(Press release) – Eurasian Natural Resources Corporation Plc (ENRC) Tuesday announced that it has completed the acquisition of Kazakhstan-based Shubarkol Komir JSC by acquiring all the outstanding shares of the company.
The company revealed that it has paid a sum of US $600 million to acquire all the outstanding shares of Shubarkol, and the Kazakhstan Stock Exchanges has been intimated about the acquisition of all the shares. Henceforth, Shubarkol Komir JSC will be a 100% subsidiary of ENRC.
Commenting on the acquisition, Felix J Vulis, Chief Executive Officer, said:
I am very pleased that we have concluded this strategic transaction, which has been supported by the overwhelming majority of ENRC’s shareholders. The acquisition of this high-quality thermal coal asset favourably positions us to meet the growing energy needs of our businesses in Kazakhstan and enhances our integrated, low-cost position.
ENRC operates mostly in Kazakhstan. Currently it employs over 70,000 people, of which 65,000 are located in Kazakhstan. However, the Group’s strategy aims to bridge its current position as a diversified natural resources group largely based in Kazakhstan to its future opportunities as a more broadly based international mining group.