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Funds News

UPDATE 1-Polymetal's biggest shareholder raises $443 mln from 4% stake sale

(Adds shareholder comment in paragraph 4-5)

MOSCOW, Sept 18 (Reuters) - Russian gold and silver producer Polymetal’s biggest shareholder has raised 342 million pounds ($443 million) from the sale of a 4% stake in the company through an accelerated book building (ABB), a bookrunner said on Friday.

ICT Holding, owned by businessman Alexander Nesis, sold 19 million shares in Polymetal, it added.

It is the fifth ABB by Polymetal shareholders this year, analysts at Sova Capital said in a note. Despite selling 4%, ICT, also known as IST group in Russia, will remain as Polymetal’s largest shareholder with a 24% stake.

The sale of the 4% stake was triggered by the need to repay current debt obligations of the ICT holding and funding commitments of its investment projects, the holding said in a statement.

ICT continues to consider Polymetal an attractive investment and plans to remain its largest strategic shareholder in the long term, it added.

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