An Omani state-backed fund bought ICT Holdings’ entire shares in a gold producer. ICT is owned by Russian billionaire Alexander Nesis, Bloomberg reports.
ICT shares of 23.9% in Polymetal International Plc were sold to one of Oman’s Mars Development and Investment LLC subsidiaries. The deal’s value was not disclosed, but it is estimated to be worth around $550 million based on its market value as of Friday.
Last year, Polymetal was redomiciled from New Jersey to Astana in an effort to spin off its Russian business but that changed when the company was subjected to U.S. sanctions prompting its sale. Neither Polymetal’s parent company nor Mr. Nesis are under sanctions.
Maaden International Investment LLC, the buyer, “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,” Polymetal’s CEO Vitaly Nesis said in the statement.
