Tycoon Sviblov buys 51.2% in Trans-Siberian Gold for $73.6 mln

MOSCOW, Mar 18 (PRIME) -- Company Horvik Limited of businessman Vladislav Sviblov has signed an agreement to buy 51.2% in Trans-Siberian Gold (TSG) for U.S. $73.6 million, the company said in a statement on Thursday.

"This complies with our strategy of asset portfolio extension and compliments investment in Highland Gold and Ozyornaya. We think that TSG has an attractive portfolio of assets in the Kamchatka Region and that we will be able to support further development of TSG," Sviblov said in the statement.

Horvik will buy 44.56 million sharesfor 1.18 British pounds per share. The deal envisages an 18% premium to the price on the London Stock Exchange as of Wednesday. The entire company was valued at 108.4 million pounds during the deal.

The deal will take place in two stages: the purchase of 21.437 million shares, or 24.7%, and the purchase of the remaining stake after an approval by the Federal Antimonopoly Service. The deal can be closed in July–September.  

UFG Asset Management owns about 50% in TSG, while the rest is free float.

Sviblov said in the statement: "This corresponds our strategy of asset portfolio extension and compliments investments in Highland Gold and Ozyornaya. We think that TSG has an attractive portfolio of assets in the Kamchatka District and that we will be able to support further development of TSG."

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