Evraz to complete spinoff of coal business by Dec 2021
MOSCOW. Aug 5 (Interfax) - Evraz plans to complete the spinoff of its coal assets by December 2021, the Russian steel and mining group said in its report for the first half of 2021.
"As for the demerger of our coal business - we've made further progress here and confirming our intention to complete transaction by the end of the year, subject to receiving all necessary approvals. The details will be announced later in due course," Evraz CEO Alexander Frolov was quoted as saying in the company's press release.
Evraz announced at the start of this year that it was considering spinning off its coal business, which is consolidated in Raspadskaya . In April, Evraz's board of directors gave its approval for the company to move forward in its preparations for the potential demerger.
The demerger of the coal assets might be carried out by distributing the shares which Evraz directly holds in Raspadskaya, being about 90.9% of the total , to all Evraz shareholders in proportion to their existing shareholdings in Evraz, the company said earlier.
Raspadskaya has a free float of about 6.5% and 2.5% shares are held by the coal company following a buyback from minority shareholders.