2 Nov 2017 13:48

GV Gold concludes deals to buy 5.26% of its shares from EBRD

MOSCOW. Nov 2 (Interfax) - GV Gold (PJSC Vysochaishy), one of Russia's top ten gold miners, has concluded a deal to buy 5.26% of its shares from the European Bank for Reconstruction and Development (EBRD), the company said in a statement.

The final payment was $39 million. GV Gold paid a total of $62 million to the EBRD.

GV Gold's quasi-treasury stake rose to 8.21%. The principal shareholders in the gold miner remain chairman of Lanta-Bank's management board Sergei Dokychaev, Lanta-Bank's deputy chairman Natalya Opaleva and CEO and owner of LT-Resource Valerian Tikhonov; each holding a 20.36% stake.

The EBRD became a GV Gold shareholder in 2011, paying 1.53 billion rubles or $52.8 million for the equity stake. At the same time, the EBRD obtained a repurchase option for the stake at the purchase price; the option's validity was supposed to stop in the case of an IPO.