7th Oct 2014 09:34
LONDON (Alliance News) - Petropavlovsk PLC Tuesday said IRC Ltd, in which it holds a stake, has signed a deal to sell its LLC Rubicon subsidiary to unnamed Russian and Chinese development funds.
IRC is selling the business, which holds the Amur River Bridge Sino-Russian trade link, for approximately USD4.4 million.
Petropavlovsk said the new owners intend to fast-track the financing and construction of the bridge, which is set to cut rail transportation for IRC customers to as little at 250 kilometres.
Petropavlovsk shares were up 4.4% to 24.00 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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