2023-09-25 10:57:36 ET
Polymetal International ( OTCPK:POYYF ) ( OTCPK:AUCOY ) has completed a shortlist of potential buyers of its Russian assets but newly proposed taxes could significantly lower the price , CEO Vitaly Nesis said Monday.
The CEO said Russia's new exchange rate-linked export duty, expected to take effect October 1, "will have a significant negative impact on the expected sale price of the Russian business," but not a "catastrophic" one.
Polymetal ( OTCPK:POYYF ) ( OTCPK:AUCOY ) has received interest in the Russian business from more than 10 bidders, mostly from Russia and China, the CEO said.
Nesis has said a new Russian rule requiring investors from "unfriendly" jurisdictions to accept a discount of half the market price if they sell their Russian assets would not apply to Polymetal ( OTCPK:POYYF ) ( OTCPK:AUCOY ) thanks to its redomiciling to Kazakhstan.
The company "definitely" will pay a dividend on its 2023 results, Nesis said, adding the board will discuss an interim dividend in December, depending on financial conditions and on progress with the sale of the Russian business.
Nesis also said Polymetal ( OTCPK:POYYF ) ( OTCPK:AUCOY ) may revive its London listing once its sanctioned Russian unit has been sold.
More on Polymetal International
- Polymetal CEO expects 'significant benefits' from Russian exit - FT
- Polymetal International: On The Path To Restoring Shareholder Value
- Polymetal: Relisting Is A Buying Opportunity
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Polymetal CEO says new tax proposals to weigh on price of Russian asset sale