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KazakhGold took control of Russian Polyus Gold

The Russian government commission on foreign investment approved on Tuesday a deal for the reverse takeover by Kazakh gold miner KazakhGold of its parent company Polyus Gold to boost stock liquidity.

 

The Russian government commission on foreign investment approved on Tuesday a deal for the reverse takeover by Kazakh gold miner KazakhGold of its parent company Polyus Gold to boost stock liquidity. The deal will formally turn KazakhGold into a parent company of Polyus, Russia's largest gold producer, which controls 50.1% of the Kazakh gold miner, head of the Russian anti-monopoly service Igor Artemyev said.


The deal will enable Polyus to enter international capital markets at a low cost through KazakhGold, which is already listed on the London Stock Exchange, experts say. Polyus, which is controlled by two Russian tycoons Mikhail Prokhorov (29.9%) and Suleiman Kerimov (36.9%) posted net profits of 1.4 billion rubles ($48 million) in 2009.

Source : RIA Novosti