Yuzhuralzoloto (UGK), the largest shareholder of the gold mining company Petropavlovsk, has initiated a review of the pending deal to sell 29.9% of the Far Eastern iron ore producer IRC. This was reported by the Vedomosti newspaper with reference to a source.
Yevgeny Potapov, vice president for development and strategy of UGK, addressed the board of directors last week. He also represents Yuzhuralzoloto on the board of directors of Petropavlovsk. Mr. Potapov demands to verify the need to obtain regulatory approvals for the sale of a 29.9% stake in IRC in Russia. UGK believes that such a deal should be approved by the Federal Antimonopoly Service. The dispatch of the appeal was confirmed by the representative of the UGK.
On September 29, Kommersant reported that the largest shareholder of Petropavlovsk and the company’s management did not agree on the IRC issue. The management offers to sell 29.9% in IRC to the investment company Stocken Board AG for $ 10 million, while Yuzhuralzoloto estimates this share much higher. Also “Yuzhuralzoloto” announced a connection between Everest, one of the shareholders of Petropavlovsk, and Stocken.
Kommersant’s sources claim that UGK President Konstantin Strukov may sell his stake in a gold mining company, since Petropavlovsk has been in a state of corporate conflict over the past two years, and the prospects for moving to dividend payments are unclear.
Details – in the material “b” “Not all that gold”.
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