ENRC could raise $5 bn. from IPO - Financial Times

/INTERFAX, London, October 11, 07/ - Kazakhstani Eurasian Natural Resources Corporation PLc could raise $5 bn. (2.46 bn. pound sterling) while its initial public offering (IPO) of shares on onpen market in case it is conducted in the upcoming months, Financial Times informed. Although the concortium has not taken a final decision about IPO yet, ENRC has already prepared a project of prospectus, the newspaper wrote. "We have restructured the company and put it in a position to raise funds in different ways and one of these ways is an IPO," said the general director of the company Mr Sittard. At that he added that market conditions will play a key role in the decision. ENRC could be valued at up to $15bn and it could sell up to a third of its shares in an IPO, according to people with knowledge of the situation. According to FT, one of the interlocutors of the newspaper said that there was a chance the deal could be managed by Deutsche Bank, Credit Suisse, Morgan Stanley and ABN Amro Rothschild. ENRC consolidated the assets of such enterprises as Kazchrome, Aluminum of Kazakhstan, Kazakhstan electrolysis plant, Zhayremskiy ore mining and processing combine, Sokolovsko-Sarbayskoye ore mining and processing industrial association (SSOMPA), Euroasian energy corporation and ENRC Logistics and ENRC Marketing & Sales. Kazakhstan government owns 24.8% of shares in ENRC. According to data of Financial Times, the controlling stake are owned by three businessmen: Patokh Chodiev, Alijan Ibragimov and Alexander Mashkevitch. As is was announced earlier in mass media, ENRC was planning to conduct IPO on London stock exchange in the second half-year. [2007-10-11]