Deal for sale of UGC may take place in two stages, full completion in H1 2026 - Russian deputy finance minister
KAZAN. Oct 28 (Interfax) - The deal to sell the controlling stake in Uzhuralzoloto (UGC) may take place in two stages with full completion in H1 2026, Deputy Finance Minister Alexei Moiseyev said.
"We are at a fairly advanced stage of negotiations now. In principle, I think the deal will be two-stage in nature. Well, as one of the options is being discussed now. I think full completion will be in the first half of next year," Moiseyev told journalists.
He did not name potential buyers. He previously said that the buyer of the controlling stake in UGC could be its large minority shareholder (Moiseyev did not specify which company, but among UGC's major shareholders, only a structure of Gazprombank is known). However, there are market rumors that structures of Ural Mining and Metallurgical Company (UGMK) are in talks to purchase it.
The controlling shareholder of UGC until recently was Konstantin Strukov, but in mid-July, 67% of the gold miner was transferred to the state represented by the Federal Property Agency (Rosimushchestvo) in line with a court decision. The Central Bank of Russia instructed Rosimushchestvo to make an offer to minority shareholders, while the Finance Ministry said in response that the corresponding legal mechanism is absent.
The ministry is currently preparing proposals to amend the legislation in order to resolve the legal collision that has arisen, Moiseyev said.
"Of course, we are being very careful to ensure that Rosimushchestvo does not act as an instrument, as if it were a voluntary buyer. After all, Rosimushchestvo in this situation is ensuring the execution of decisions made by the court," he said. "I know this issue is being discussed and perhaps some decision will be made. But for now, we are doing what we are doing. But we are discussing possible amendments to the legislation with the Central Bank."
Uzhuralzoloto is one of the largest gold mining companies in Russia. It operates through two hubs, the Urals hub in the Chelyabinsk region and the Siberian hub in Krasnoyarsk Territory and Khakassia.
