Media: Russian gold miner Petropavlovsk eyes IRC stake sale - Vedomosti
18/04/2019 06:48
April 18 (Reuters) - Russian gold miner Petropavlovsk
POG.L is looking to sell its stake in iron ore producer IRC
1029.HK , the company's shareholder Kazakh entrepreneur Kenges
Rakishev told Vedomosti newspaper.
* Petropavlovsk, which owns a 31 percent of IRC, has
mandated
Gazprombank to look for a strategic investor who would buy the
stake, Rakishev told the paper
* Petropavlovsk is ready to consider the sale only at a
market
price, Rakishev added
* He said the buyer could be one of the steel companies,
without
specifying which one, but also that Chinese investors are
interested in IRC
* Russian steel producer Evraz EVRE.L had expressed
interest in
IRC, Vedomosti cited two sources, but one added that due to the
big amount of investment needed into IRC, the interest will most
likely not result in the deal
* Evraz representative declined to comment, Gazprombank did
not
answer Vedomosti
* Petropavlovsk was ready to give up its stake for free,
provided
the buyer would take on IRC's $240 million obligations under
Gazprombank loan, another source said
* As of Wednesday close, IRC's was valued at $161.9 million
in
Hong Kong Stock Exchange, with Petropavlovsk's stake coming in
at $50 million - Vedomosti
* Rakishev owns a 22.42 percent in Petropavlovsk
* Source link: https://bit.ly/2Ir9e74
-- Note: Reuters has not verified this story and does not vouch
for its accuracy
(Gdynia Newsroom)
((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920))