Reuters reported that shareholders in Kazakh miner ENRC have agreed to postpone the planned USD 650 million acquisition of the outstanding 75% of Kazakh coal producer Shubarkol Komir from its founders.

Independent shareholders had been due to vote on the deal on Monday, but London listed ENRC said that it would propose a delay at the request of some investors and given volatile market conditions.

Shareholders agreed to the company's proposal and adjourned the vote until further notice.

ENRC announced last month that it planned to secure control of Shubarkol by buying the remaining shares from its founder shareholders for up to USD 650 million, giving it access to inexpensive coal for existing operations and expansion plans, and supporting ENRC's low cost profile.

It would have been the first deal with the company's founder shareholders since ENRC completed a corporate governance review after a bruising disagreement between the founders and some board members.

Analysts at Liberum greeted the delay as an encouraging signal of management paying heed to minority investor concern.

The company is currently in talks with the founders to extend the Shubarkol call option, which would normally expire at the end of January next year.

(Sourced from Thomson Reuters)