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Tycoons comment rumors about leaving Kazakhstan

03 may 2013, 14:40
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Patokh Chodiev. Photo by Tengrinews.kz
Patokh Chodiev. Photo by Tengrinews.kz
Alijan Ibragimov. Photo by Tengrinews.kz
Alijan Ibragimov. Photo by Tengrinews.kz
Aleksander Mashkevich. Photo by Yaroslav Radlovskiy©
Aleksander Mashkevich. Photo by Yaroslav Radlovskiy©
Billionaires Patokh Chodiev, Alijan Ibragimov and Aleksander Mashkevich who own big stakes in ENRC company and are also 100-percent owners of Eurasia insurance company and Eurasian Bank have commented on the rumors that they were intending to sell their businesses and leave Kazakhstan allegedly because of expected change of the country’s economic era and coming property redistribution, Express K writes.

“Why can’t we sell Eurasian Bank?” Chodiev said. “This is a business. We will sell it if the market price is good. But for sure we won’t do it now: there is no good offer. Just like any business (especially if it’s not the core business), Eurasia insurance company can be sold as well. A lot of factors should coincide: benefit, necessity and prospect. There are none of those today: no market, no price that would be interesting for us. If somebody has serious offers, we will consider them.”

"So you are not selling the bank?" the reporter asked. "No," Chodiev said.

“Here, look,” Ibragimov passed his BlackBerry with a chart of ENRC stock traded at the London Stock Exchange. “During the IPO in 2007 the company’s shares cost 5.4 pounds. The growth peak was in August 2008: over 15 pounds. We could have sold our stakes with high profits. We could have also done it in August 2010, when 1 share cost 12 pounds, or last July-August when the cost was 7 pounds per one share. The cost was 2 pounds over the one in the beginning. We have kept this business and this means that it is important for us.”

Mashkevich gave an event tighter argument: “What are we talking about?” he said surprisingly. “Us leaving the business in Kazakhstan? This is out of question.”

ENRC is an integrated group working in minerals production and enrichment sector. The group’s industrial assets are located mainly in Kazakhstan. Outside Kazakhstan, ENRC owns assets in Brazil, Zambia, Zimbabwe, South Africa, Mali, Mozambique and Congo. The company’s major shareholders are Kazakhmys corporation (26 percent), Aleksander Mashkevich, Alidzhan Ibragimov and Patokh Chodiev (own 14.59 percent each).


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