Russian ICT holding sells 23.9 percent stake in Polymetal to Omani-led consortium
Date
1/30/2024 3:17:10 AM
(MENAFN) In a significant move, Russian businessman Alexander Nesis' investment company, ICT Holding, has divested its 23.9 percent stake in Polymetal International, a major gold and silver producer. The sale was made to a consortium led by the Omani government, as confirmed by a statement released on Monday. Polymetal International, one of the world's top ten gold mining companies, has been actively seeking to sell its Russian assets following sanctions imposed by the United States in 2023 due to Russia's military actions in Ukraine in February 2022.
The consortium, spearheaded by the Omani government and notably represented by the Mercury Investments International Fund, acquired the substantial stake in Polymetal International. The transaction involved the purchase of 113,201,189 shares through Mercury's Ma’aden International Investment Company. These shares were acquired from Powerboom Investments Limited, a subsidiary of ICT Holdings, marking the completion of the divestment by ICT Holding.
With this deal, ICT Holding ceases to be a shareholder in Polymetal, and as a result, Konstantin Yanakov, the group's representative, has resigned from the Polymetal board of directors. Polymetal International anticipates that the buyer will nominate a representative to the board in due course, reflecting the transition in ownership.
While the specific financial details of the transaction were not disclosed, as of Monday, Polymetal's market value stood at USD2.6 billion. Vitaly Nesis, the CEO of Polymetal International Group, expressed that Mercury Investments International fully supports Polymetal's strategic direction. The sale represents a significant development in the restructuring of ownership in Polymetal, with potential implications for the company's future operations and strategic decisions in the global mining industry.
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