GV Gold says buys back 5.25% stake from EBRD early

MOSCOW, Nov 2 (PRIME) -- Russian gold producer GV Gold has bought back 5.26% of its shares from the European Bank for Reconstruction and Development (EBRD) early, the company said on Thursday.

GV Gold’s unit Sakha Gold Mining acted as the buyer. The final payment amounted to U.S. $39 million, while the total payment stood at $62 million.

Under the agreement signed in December 2015, the EBRD was initially expected to sell its stake in the company by August 31, 2018.

Board members Sergei Dokuchayev, Valerian Tikhonov, and Natalya Opaleva each hold 20.36% in the company.

End