Oman’s Mercury Investments acquires stake in Polymetal
Published: 03:01 PM,Jan 29,2024 | EDITED : 07:01 PM,Jan 29,2024
Oman’s Mercury Investments acquires stake in Polymetal
MUSCAT: Well-known gold producer Polymetal International plc has announced that a 23.9% stake (113,201,189 shares) held by Powerboom Investments Limited, a subsidiary of ICT Holding Limited, has been acquired by Maaden International Investment LLC, a company 100% owned by a consortium of investors from the Sultanate of Oman, led by Mercury Investments International LLC.
Mercury Investments International LLC is state-owned company ultimately owned by the Government of Oman. The investment falls within the strategic goals of Mercury’s group as well as within the broader goals of the Omani government through Oman Vision 2040, which focuses on economic diversification in key sectors such as the global metals and mining sector, a press statement issued by Polymetal noted.
“We welcome our new significant shareholders led by Mercury Investments International LLC and we look forward to our engagement with our new Omani investors. We are pleased that MII LLC has confirmed its full support of Polymetal’s strategy, which includes de-risking the Company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region,” said Vitaly Nesis, Group CEO of Polymetal International plc.
As a result of the transaction, ICT Holding has now fully disposed of its stake in Polymetal. Accordingly, Konstantin Yanakov, representing ICT Holding, has resigned from the Board of Directors, with the Buyer expected to nominate their candidate to the Board in due course.
Mercury Investments International LLC is state-owned company ultimately owned by the Government of Oman. The investment falls within the strategic goals of Mercury’s group as well as within the broader goals of the Omani government through Oman Vision 2040, which focuses on economic diversification in key sectors such as the global metals and mining sector, a press statement issued by Polymetal noted.
“We welcome our new significant shareholders led by Mercury Investments International LLC and we look forward to our engagement with our new Omani investors. We are pleased that MII LLC has confirmed its full support of Polymetal’s strategy, which includes de-risking the Company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region,” said Vitaly Nesis, Group CEO of Polymetal International plc.
As a result of the transaction, ICT Holding has now fully disposed of its stake in Polymetal. Accordingly, Konstantin Yanakov, representing ICT Holding, has resigned from the Board of Directors, with the Buyer expected to nominate their candidate to the Board in due course.