Russian billionaire Alexander Nesis’s ICT Holding sold its full stake in a gold producer to an Omani state-supported fund, Bloomberg reported on Monday.
ICT’s unit finalised the sale of its 23.9 per cent share in Polymetal International Plc to a subsidiary of Oman’s Mars Development and Investment LLC.
The deal’s value wasn’t revealed, but the stake had a market value of around $550 million on Friday.
Last year, Polymetal moved from Jersey to Astana, generating 70 per cent of its sales in Russia and the rest in Kazakhstan.
Initially, the company planned to spin off its Russian business, but after the U.S. included it in a sanctions list in May, it decided to sell it instead. It’s important to note that neither the parent company nor billionaire Nesis are subject to any sanctions.
Maaden International Investment LLC, the buyer, fully supports Polymetal’s strategy, which involves reducing the company’s risk by selling its Russian operation and expanding its assets in Kazakhstan and beyond, according to Polymetal’s CEO, Vitaly Nesis.
