27 Dec 2017 19:19

Kazakh businessman Kenes Rakishev becomes owner of 22.42% stake in Petropavlovsk

MOSCOW. Dec 27 (Interfax) - Cyprus-registered Fincraft Holdings Ltd has become the owner of a 22.42% stake in Petropavlovsk, the gold miner said.

According to data in the Cyprus registry, Fincraft Holdings Ltd's sole shareholder is Kazakh businessman Kenes Rakishev, the former owner of Kazkommertsbank and a shareholder in nonferrous metals producer Central Asia Metals with 6.03%.

A 22.42% stake in Petropavlovsk is worth GBP 55.5 million ($74.5 million) at the last closing price on the LSE. Fincraft also received bonds maturing in 2020 and convertible into 6.83% of Petropavlovsk shares.

A 9.08% stake out of the 22.42% could be transferred in a REPO deal to VTB , according to a statements by the bank and the gold miner.

Simultaneously it was reported that firms linked to Russian businessman Viktor Vekselberg - Renova Assets, Lamesa, Metkombank - sold 22.18% of Petropavlovsk as well as bonds convertible into 6.83% of shares.

"The Renova group of companies has sold its stake in Petropavlovsk. The deal is closed but we aren't disclosing the details," Andrei Shtorkh, a member of the Renova management board, told Interfax.

Petropavlovsk develops the Pokrovsky, Pioneer, Malomir and Albyn hardrock gold deposits in Russia's Amur Region.