https://www.miningweekly.com

Polymetal's biggest shareholder raises $443m from 4% stake sale

18th September 2020

By: Reuters

  

Font size: - +

MOSCOW - Russian gold and silver producer Polymetal's biggest shareholder has raised £342-million from the sale of a 4% stake in the company through an accelerated book building (ABB), a bookrunner said on Friday.

IST Group, owned by businessman Alexander Nesis, sold 19-million shares in Polymetal, it added.

It is the fifth ABB by Polymetal shareholders this year, analysts at Sova Capital said in a note. Despite selling 4%, IST will remain as Polymetal's largest shareholder with a 24% stake.

The sale of the 4% stake was triggered by the need to repay current debt obligations of the ICT holding and funding commitments of its investment projects, the holding said in a statement.

ICT continues to consider Polymetal an attractive investment and plans to remain its largest strategic shareholder in the long term, it added.

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION