Kazakhmys will purchase 7.66% shares of ENRC holding from the Kazakhstan Government

/REUTERS, Almaty, June 10, 08/ - The copper corporation Kazakhmys had signed an agreement about purchasing of 7.66% shares of metallurgic holding ENRC from the government of Kazakhstan, is said in the message of Kazakhmys. Kazakhmys will purchase 98.607.884 shares of ENRC, having increase its stake in metallurgic holding to 22.24% from 14.59%, the stake of government makes 15.0%. Parameters of the deal are estimated based upon the price of 6.23 sterling pounds per share (614 m. sterling pounds per whole portfolio) of ENRC. After finishing of the deal Kazakhmys will become the largest shareholder of ENRC. At the same time Kazakhmys is not planning o make an offer for purchasing of 100% shares of ENRC, is said in the message. Today the government accepted the resolution about purchasing of the stake in shareholders' equity of Kazakhmys. "Purchasing of the shareholding of Kazakhmys will be executed by the exchange of shares: the government of RK will transfer to Kazakhmys the part of state shareholding in ENRC in exchange for additional issue of Kazakhmys shares", - is said in the press-service of the government. "Thus Republic of Kazakhstan is becoming the large shareholder of both largest Kazakhstan ore mining companies", - is said in the message. According to the text of resolution, amount of shares, subjected to exchange will be determined based upon the correlation of the average price of ENRC shares and Kazakhmys shares for the month, previous to the signing of the resolution, calculated by results of trades' closing on the London stock exchange. "As the result of the deal government of RK will preserve 11.65% shares of ENRC and purchases 15% shares of Kazakhmys", - is said in the message of the government. ENRC is uniting several metallurgic companies, including Kazchrome, Aluminum of Kazakhstan, Kazakhstan aluminum plant, Zhayremskiy OPP, Eurasian energy corporation. The main partners of ENRC are Alexander Mashkevitch, Alidjan Ibragimov and Patokh Shodiyev, which by the version of American Forbes magazine are entering the "golden hundred" of Kazakhstan millionaires. [2008-06-10]