Polymetal shareholders approve re-domiciliation to Kazakhstan

MOSCOW, May 30 (PRIME) -- The shareholders of Polymetal International, the precious metals producer with assets mainly located in Russia and Kazakhstan, have approved re-domiciliation of the company from the Jersey Island to the Astana International Financial Centre (AIFC) in Kazakhstan, the company said in a statement on Tuesday.

The company said earlier in May that its board of directors considered different options of re-domiciliation, including Dubai International Financial Centre, the Abu Dhabi Global Market, and Hong Kong. Kazakhstan is the preferred alternative as it distances the company from the majority of Russian sanction restrictions and offers as much similarity in the legal framework to the company’s shareholders as possible.

Following the re-domiciliation, the company’s shares will not comply with the London Stock Exchange’s regulations, and Polymetal will have to delist from the bourse and list on AIFC’s bourse – the AIX, the company said earlier.

The company also said then that it planned to split into two jurisdictions in July–December 2024. If the shareholders approve re-domiciliation to Kazakhstan, the company plans to hold another shareholder meeting to discuss the split into two jurisdictions in January–March 2024.

ICT Group of tycoon Vitaly Nesis and his partners owns around 24% in Polymetal, while more than 75% is in free float.

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