10th Aug 2023 10:50
(Alliance News) - Polymetal International PLC on Wednesday confirmed it has resumed trading on the Astana International Exchange in Kazakhstan following the completion of its re-domiciliation.
The company's re-domiciliation to Kazakhstan from Jersey was completed on Monday. As a result, the AIX is now Polymetal's primary stock exchange.
Polymetal's shares remain suspended on the London Stock Exchange. It is expected that the company will delist in London on August 29.
Back in May, Polymetal proposed its re-domiciliation to Kazakhstan. It explained that the move was in the best interest of the company and its stakeholders and would remove a number "significant" restrictions facing the company.
Polymetal is a gold and silver producer with assets in Russia and Kazakhstan. Since the beginning of the Russia-Ukraine war, a number of sanctions have been imposed on Russian people, entities and sectors, with Russia also adopting its own counter-sanction measures.
These sanctions have impacted the operations of Polymetal, with Jersey being designated as an "unfriendly jurisdiction" by Russia. This has restricted the ability of the company to carry out its corporate activity with its Russian operations and has also placed "significant risk" on the continued existence of the company, Polymetal said in May.
Consequently, Polymetal decided re-domiciliation was a "necessary and critical" step to preserve shareholder value.
By Heather Rydings, Alliance News senior economics reporter
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