26 Apr 2011 19:49

Polyus may resume KazakhGold reverse takeover in mid-June

MOSCOW. April 26 (Interfax) - Polyus Gold may restart its reverse takeover (RTO) by KazakhGold in the middle of June, given the necessary clearances are received from Kazakh officials by May 14, Polyus Gold's deputy CEO for corporate development and strategy, German Pikhoi, said during a conference call.

The permissions are due on that date under the agreement Polyus signed in April with AltynGroup, which is owned by the former owners of KazakhGold, the Assaubayev family.

Polyus acquired 50.1% of KazakhGold shares in August 2009. It increased its stake to 65% last summer. The RTO will provide Polyus with a listing on the LSE, easing the company's access to capital markets.