MOSCOW, Feb 2 (Reuters): Investment company ICT Holding, owned by Russian businessman Alexander Nesis, has sold its 23.9 per cent stake in gold and silver producer Polymetal International to a consortium led by the Omani government, Polymetal said in a statement on Monday.
Polymetal International is seeking to sell its Russian assets, which were sanctioned by the U.S. in 2023 in response to Moscow sending troops into Ukraine in February 2022. Polymetal, founded by Nesis' ICT Group in 1998, is one of the world's top ten gold miners and owns production assets across Russia and Kazakhstan.
A consortium of Omani investors, led by the Omani government-owned fund Mercury Investments International, acquired 113,201,189 shares through Mercury's subsidiary Maaden International Investment, Polymetal International said.
The consortium, led by Maaden, acquired shares from ICT Holding's subsidiary Powerboom Investments Limited, Polymetal International said.
As a result of the deal, ICT Holding is no longer a Polymetal, shareholder, and ICT representative Konstantin Yanakov has resigned from Polymetal's board of directors, Polymetal said. The company expects the buyer to nominate a candidate to the board in due course.
The value of the transaction was not disclosed. Polymetal's market capitalisation stood at $2.6 billion as of Monday.
Russian tycoon sells Polymetal stake to Omani-owned consortium
FE Team | Published: February 02, 2024 21:46:25
Russian tycoon sells Polymetal stake to Omani-owned consortium
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