Yuzhuralzoloto revises IPO plans, RenCap could be underwriter - source
MOSCOW. Jan 19 (Interfax) - OJSC Yuzhuralzoloto Group of Companies (UGC) has revised its plans to hold an IPO, a source in the gold production sector told Interfax.
The source said that Renaissance Capital might be the underwriter for the share placement.
The company's board chairman, Konstantin Strukov, confirmed to the Russian daily Kommersant that the company has plans to place shares on the London Stock Exchange this spring. He did not specify the size of the share placement, saying that the organizers have still not been selected. "We have been totally ready for two years and met all the requirements. We're waiting for a window," he told the newspaper.
It was earlier reported that UGC planned to hold an IPO on the Russian stock market in the summer of 2008 but these plans were cancelled because of market volatility. The organizations of the initial IPO were ING and Gazprombank. The IPO was to come to around 150 million with the placement of up to 25% of shares. Cyprus-based Ugold Ltd, the owner of 99.99% in Yuzhuralzoloto was to be the selling shareholder. Strukov controls this company.
Yuzhuralzoloto Group of Companies (UGC), based in the Chelyabinsk region, was created in summer 2007 with the assets of CJSC Yuzhuralzoloto. The group holds licenses to a number of vein gold deposits, including Kochkarskoye, Svetlinskoye, Bereznyakovskoye, South Kurosan, West Kurosan and the Darasun cluster, located in the Chelyabinsk and Chita regions, Krasnoyarsk territory and Khakasia.
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