Polyus Gold advances London premium listing after share sales
CEO German Pikhoya says he hopes the premium listing in London will happen in the near future after the gold miner sold stakes to China's CIC and Russia's VTB bank this week.
MOSCOW (Reuters) -
Polyus Gold, Russia's largest gold producer, aims to obtain a premium listing in London in the near future with a freely floating level of 22 percent of its shares, after selling stakes to China's CIC and Russia's VTB bank this week, its chief executive said on Wednesday.
A premium listing in London would raise Polyus's profile and put the $10 billion gold miner in a stronger position to take part in a wave of international mergers sweeping the metals and mining industry.
However, Polyus would need to sell significantly more shares to give a free float of 50 percent or move its domicile from Jersey to mainland Britain in order to gain entry into the prestigious FTSE 100 index.
"I hope that it (a premium listing) will happen in the nearest future," Chief Executive German Pikhoya told Reuters in a telephone interview.
Polyus does not intend to sell any more shares for its listing following the sale of 7.5 percent in treasury stock held by its subsidiary Jenington.
© Thomson Reuters 2012 All rights reserved