POYYF - Polymetal may sell Russia holdings over sanctions

2023-06-05 10:56:59 ET

Polymetal International ( OTCPK:POYYF ) ( OTCPK:AUCOY ) fell as much as 7% in London trading after saying Monday it is considering divesting its Russian operations and senior managers resigned from Russia-related duties in the wake of U.S. sanctions.

"In light of recent developments, and in the interests of preserving shareholder value, the board and the special committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries," Polymetal ( OTCPK:POYYF ) ( OTCPK:AUCOY ) said.

JSC Polymetal is the holding company for the group's Russian assets, which accounted for two thirds of total revenue in 2022; Vitaly Nesis and Maxim Nazimok, the CEO and CFO respectively of the Russian business, resigned from those positions while still remaining with Polymetal International ( OTCPK:POYYF ) ( OTCPK:AUCOY ).

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