MR insists no rift with brothers as top three get on one

October 8, 2019


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He also said that he was glad that Gotabaya Rajapaksa accepted the invitation to attend the event. Former President Mahinda Rajapaksa today insisted that there was no rift between him and his brothers as the three top Rajapaksas got on one stage.Rajapaksa was speaking at an event held at the headquarters of Sri Lanka Podujana Peramuna (SLPP) which was attended by former Defense Secretary Gotabaya Rajapaksa and former Minister Basil Rajapaksa. Mahinda Rajapaksa said that there was clear unity among his brothers to take forward the ‘Mahinda Chinthanaya’ policies. He said that the joint opposition showed what it can do at the last local council elections in February and was not preparing to face its second innings. (Colombo Gazette) read more

ENRC gains controlling interest in Serov

September 24, 2019


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first_imgEurasian Natural Resources Corp (ENRC), a diversified and fully integrated Kazakh metals and mining company, has completed the acquisition of a controlling interest in the Serov group and certain related entities. Serov is a ferrochrome producer in eastern Russia and owns a chrome ore mining facility and a ferrochrome smelter. The smelter produces a variety of ferroalloys including high, medium and low carbon ferrochrome and has an annual sales volume of approximately 200,000 t.Serov was acquired from various entities affiliated with Messrs. P Chodiev, A Ibragimov and A Machkevitch, all of whom are significant shareholders in ENRC. This transaction is ENRC’s first acquisition outside of Kazakhstan. The total cash consideration for the acquisition is $210 million, including an initial $100 million pre-payment made in July 2007.ENRC believes that the acquisition of Serov will help reinforce the market position of the Group in the ferrochrome industry and in the region. In addition, the transaction will allow the Group to benefit from further vertical integration within the ferroalloys business. Commenting on the acquisition, Dr. Johannes Sittard, CEO of ENRC, said, “We believe that the operations of Serov will not only complement our existing ferrochrome product range but will also provide ENRC with an important asset base in Russia, which supports our strategy to pursue expansion opportunities.”Sir David Cooksey, the Non-Executive Chairman of ENRC, said, “It is good that we have completed this transaction, our first as a public company, and we believe that Serov will be an important part of the Group’s development. The acquisition will provide a strong platform for ENRC in Russia.”ENRC is the world’s largest producer of ferrochrome, based on chrome content, the world’s sixth largest iron ore exporter by volume and world’s fifth largest supplier of traded alumina by volume. The Group’s revenues were $3,256 million for the year ended 31 December 2006 and $1,856 million for the six months ended 30 June 2007. EBITDA (pre exceptional items) was $1,256 million for the year ended 31 December 2006 and $797 million for the six months ended 30 June 2007.last_img read more