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Founders apply to delist Kazakh miner ENRC

Reuters - UK Focus

(.)

LONDON, Oct (KOSDAQ: 039200.KQ - news) 25 (Reuters) - The founders of Kazakh miner ENRC , whose bid to buy out minority shareholders went unconditional on Friday, have applied to UK regulators and the London Stock Exchange (LSE: LSE.L - news) to delist the company.

The trio of billionaire founders, who launched the bid alongside the Kazakh government, said in a statement that ENRC would now re-register as a private company.

Shareholders representing 96.7 percent of ENRC shares have accepted the bid. Outstanding investors will either tender their stock, or remain minority holders in a private company.

ENRC listed in London in 2007, but has been hit by boardroom troubles, corruption investigations and weaker commodity prices. Its shares have dropped some 80 percent from a 2010 peak.