ENRC has not taken a final decision on IPO conducting yet

/INTERFAX-KAZAKHSTAN, Almaty, February 5, 07/ - Eurasian Natural Resources Corporation (ENRC, aforementioned Eurasian manufacture association, EME) has not taken a final decision on conducting the initial public offering of shares yet. "The ultimate decision on IPO conducting and its details has not been taken yet," it is reported in the respond of ENRC to inquiry letter of the agency Interfax-Kazakhstan, received on Monday. "IPO is only one of many different instruments to borrow funds, which are necessary to finance development of the company," the message says. In December of last year representatives of the company also said to IF- Kazakhstan that the company has not been ready yet to initiate IPO. Besides, The Sunday Times reported that ENRC would conduct the initial public offering of shares in London in summer of the current year, as it was expected. The company may be estimated in the course of IPO at 6 bn pounds (almost $12 bn). Deutsche Bank will act as the organizer of offering, which will be supported by Credit Suisse and Morgan Stanley according to sources of the paper. In December ENRC established the English company, which will consolidate all assets. ENRC has merged assets of such companies as Kazkhrom, Aluminum-Kazakhstan, Kazakhstan electrolysis plant, Zhairemskiy mining and smelting enterprise, Sokolovsko-Sarbayskoe mining and smelting production corporation (SSMC), Eurasian energy corporation, and also ENRC Logistics and ENRC Marketing & Sales. The government of Kazakhstan owns 24.8% shares of ENRC. [2007-02-05]