ENRC schedules new vote on coal takeover

Click to follow
The Independent Online

The FTSE 100-listed, Kazakhstan-based miner ENRC has set a fresh date for investors to vote on the proposed $650m (£409m) offer for the shares it does not already own in the Kazakh coal producer Shubarkol Komir.

The deal to buy the 75 per cent stake in Shubarkol – from ENRC's trio of founding shareholders – was put on hold in November, amid concerns by independent investors that it might not be in their best interests.

However, the company has convened a meeting to vote on the deal on 2 April, saying yesterday that independent shareholders were now "more supportive" of the transaction.

ENRC announced the development as it unveiled a 7 per cent rise in profits to $3.41bn, helped by strong commodity prices.

Mehmet Dalman, pictured,who was promoted from senior independent director to chairman of the board in February, announced a review of the board, amid continuing concerns about corporate governance at the group.

In his first official address to shareholders, Mr Dalman said the group could not afford to "stand still" on corporate governance and was reviewing the board composition in order to "progressively refresh" it.

"I will lead this effort and I will be in a position to report back to you on our progress in the not-too-distant future," he said.