Russian tycoon's investment group ICT sells Polymetal stake to Omani-owned consortium | Canada News Media
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Russian tycoon’s investment group ICT sells Polymetal stake to Omani-owned consortium

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9 months ago

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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.

Vitaly Nesis, Group CEO of Polymetal International, said Mercury Investments International fully supported Polymetal’s strategy.

“(This) includes de-risking the company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region,” he said.

In August, he had said the company planned to sell its Russian assets within six to nine months.

Polymetal International re-domiciled to Kazakhstan from Jersey in August and listed on the Central Asian nation’s Astana International Exchange (AIX), after US sanctions complicated corporate restructuring plans.

ICT Group had been Polymetal’s largest shareholder. According to the company’s website, US fund BlackRock owns 9.9%, a company called Fodina BV holds a 3.3% stake and managers and directors own 0.9%.

(By Anastasia Lyrchikova and Alexander Marrow; Editing by Jamie Freed and Bernadette Baum)

 

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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3 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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