Polyus Gold's Russian Unit Plans Up to $3.6 Billion Buyback
- Polyus Gold PJSC has less then 5% of shares in free float
- Buyback may help Kerimov family raise funds, BCS says
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Polyus Gold PJSC, the local unit of Russia’s largest gold miner, offered to buy back as much as 255.3 billion rubles ($3.6 billion) of its shares in a deal that may provide billionaire Suleiman Kerimov’s family with funds to pay back part of the debt raised last year when they took the parent company private.
The Russian unit will buy 33.14 percent of its stock, at a price of 4,041.19 rubles per ordinary share or 2,020.6 rubles per American Depository Receipt, it said in regulatory filing on Friday. Investors may tender shares from Friday until May 27, with a break in acceptances from April 4 to April 12, according to a separate statement. The unit’s shares declined 1.5 percent to 3,987 rubles by 1:21 p.m. in Moscow.