PPF continues to withdraw from the Russian mining industry. According to Hospodářské noviny, the group of the richest Czech, Petr Kellner, sold another stake in the Russian company Polymetal, and its share fell from 6.5 percent to 3.9 percent.
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“The transaction took place on Tuesday in the form of a special auction in which a larger group of investors acquired 12.5 million shares at a price of £ 15.75 apiece. This represents a discount of less than three percent compared to Tuesday’s closing share price on the stock exchange. This was shown by the data of the London Stock Exchange, where Polymetal shares are traded, “writes HN.
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The sale was also confirmed by PPF on its twitter account, otherwise the company did not want to comment on the transaction. According to HN, it was an opportunity to sell another part of the shares while holding close to its record set in May. Since the beginning of the year, they have strengthened by almost 36 percent, which is associated with rising gold prices. Investors turn to gold, which grew last year, in times of uncertainty. Polymetal reported record revenues of $ 2.25 billion (54 billion crowns) and a net profit of $ 483 million last year, the paper writes.
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According to HN, Polymetal is one of the five largest producers of silver in the world, the company mines precious metals in nine mines in Russia and Kazakhstan and has 11,600 employees. PPF joined the company in 2008 and has been one of the largest shareholders for several years. In recent years, it has been declining its share. It last sold a four and a half percent stake a year ago.
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