29 January 2024
Oman’s Maaden International Investment LLC acquires a significant stake in Polymetal from ICT Holding.
Polymetal International plc (“Polymetal” or the “Company”) announces that 23.9% stake (113,201,189 shares) was acquired from Powerboom Investments Limited, a subsidiary of ICT Holding Limited (“ICT Holding”) by Maaden International Investment LLC (the “Buyer”), which is a company 100% owned by a consortium of investors from the Sultanate of Oman, led by Mercury Investments International LLC.
Mercury Investments International LLC is state-owned company ultimately owned by the Government of Oman. The investment falls within the strategic goals of Mercury’s group as well as within the broader goals of the Omani government through Oman Vision 2040, which focuses on economic diversification in key sectors such as the global metals and mining sector.
The Company has been informed that the Buyer intends to support the management and the Board of Directors of Polymetal and their strategy for the Company in the interests of all shareholders.
“We welcome our new significant shareholders led by Mercury Investments International LLC and we look forward to our engagement with our new Omani investors. We are pleased that the shareholder has confirmed its full support of Polymetal’s strategy, which includes de-risking the Company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region”, said Vitaly Nesis, Group CEO of Polymetal International plc.
As a result of the transaction, ICT Holding has now fully disposed of its stake in Polymetal. Accordingly, Konstantin Yanakov, representing ICT Holding, has resigned from the Board of Directors, with the Buyer expected to nominate their candidate to the Board in due course. The value of the transaction has not been disclosed.