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MOSCOW, Jan 15 (PRIME) -- Russian gold producer Polyus has cancelled an agreement to sell a 10% stake to China’s Fosun over the Chinese company’s failure to fulfill terms of an option to buy 5%, the company said in a statement on Monday.
“Polyus, the largest gold producer in Russia, notes the announcement made earlier today by Polyus Gold International Limited that the agreement to sell 12,561,868 of the ordinary shares in the company to a consortium led by Fosun International Limited has been terminated,” Polyus said.
The Polyus Gold International Limited stake in Polyus remained at 82.44%, the treasury stake is 1.22% and free float is 16.34%, Polyus said.
A consortium of investors led by Fosun announced an agreement to buy 10% in Polyus and receive an option for 5% more in the company in May 2017.
Fosun said in a statement that it will consider other investment opportunities in Russia. “The company will continue to focus on strengthening its core competitiveness and explore other opportunities on value investments in Russia,” it said.
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