ENRC Billionaire Denies Plans to Sell Holding, Express K Reports

Kazakh billionaire Alexander Machkevitch, one of three founders of Eurasian Natural Resources Corp., denied speculation that he may sell the London-listed metals producer, Express K newspaper reported.

Machkevitch, who owns 14.59 percent of the company, said the information that he may sell his stake in ENRC or that he has disagreements with the two other founders, Alijan Ibragimov and Patokh Chodiev, is “groundless,’ according to an interview published today on the Astana-based newspaper’s website.

ENRC’s board of directors approved projects valued at $6 billion to $7 billion to be implemented in the next three years, Machkevitch was cited as saying by Express K.

Separately, Machkevitch said he doesn’t see reasons for selling AO Eurasian Bank, owned by ENRC founders, according to the newspaper.

To contact the reporter on this story: Nariman Gizitdinov in Almaty at ngizitdinov@bloomberg.net

To contact the editor responsible for this story: Steve Voss at sev@bloomberg.net

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