Kazakhstan's billionaire, co-founder and one of the major shareholders of the Eurasian Natural Resources Corporation PLC (ENRC) Aleksandr Mashkevich has explained why the company chose to be delisted from the London Stock Exchange, tengrinews reports.
According to Mashkevich, ENRC's withdrawal from the stock exchange was linked to the company's transformation into a privately-own entity. "Here is my official statement, the Eurasian Group is not being sold to anyone and it is not going anywhere. We left the stock exchange because we wanted to be a private company. We believe that management of a privately-held company is more efficient. Of course, being a public company has its advantages, but a private one is more efficient," Mashkevich said at the meeting with Akim (Governor) of Pavlodar Oblast Kanat Bozumbayev during a visit to Kazakhstan's electrolytic plant.
The businessman assured that the corporation was not going to leave the Kazakhstan market in the nearest future. "The group has become a private company; this is the only change. And God willing, we will retain the trust of the Head of the State and the Government and will continue working in Kazakhstan. We are planning to work here for another 25-30 years, so nobody is selling anything to anyone. It's all gossip," he said.
The ENRC was delisted from all stock exchanges in the end of 2013. Earlier, it was reported that the withdrawal from the Kazakhstan Stock Exchange (KASE) and the London Stock Exchange (LSE) cast a shard of mistrust to the management efficiency of the company.
ENRC is one of the world's leaders in mining and processing of mineral resources. The Kazakhstan-focused, multinational diversified natural resources company has activities in integrated mining, processing, energy, logistics and marketing. ENRC was formed in 1994.