14 Jun 2018 09:20

Said Kerimov co uses 17% Polyus stake as collateral

MOSCOW. June 14 (Interfax) - Polyus Gold International Ltd (PGIL), the largest shareholder of leading Russian gold producer PJSC Polyus , notified the miner on Wednesday that it has pledged 22,705,389 of its shares as collateral on its obligations, Polyus said in a statement.

PGIL remains the beneficiary of these shares and retains voting rights to them, which means its total stake in Polyus has not changed, the miner said.

Polyus charter capital consists of 133,561,119 shares, so PGIL pledged 17% of shares in the company. PGIL, the beneficiary of which is Said Kerimov, the son of billionaire Suleyman Kerimov, owns 82.44% of Polyus.

At the end of July 2017, Polyus reported that PGIL had pledged 66,780,561 or 50% plus one share in the miner. Then, as now, the company did not disclose the counterparty. Polyus has not reported that any PGIL shares have been released from encumbrances, so taking into account last year's stake, 67% of Polyus shares are now encumbered.