Bloomberg: Polymetal is negotiating a listing on the UAE stock exchange

Russian mining company Politmetal may be listed on the Abu Dhabi Stock Exchange (ADX), transmits Bloomberg agency, citing a company representative.

The interlocutor of the agency said that the company is in preliminary negotiations with the Abu Dhabi Stock Exchange, since it is “not easy” to maintain its London listing after re-registration. “We are looking into a listing on the ADX, but no decision has been made yet,” a spokesperson said.Polymetal” by email.

The agency points out that the company is exploring the possibility of moving its legal registration from Jersey to Astana after the Kremlin banned the sale of strategic assets to owners in jurisdictions that are considered unfriendly. “Moving from Jersey to a Russian-friendly place will open up for”Polymetala “way to implement the plan it announced last July to split its Russian assets, which account for 70% of sales, with the remaining assets in Kazakhstan,” experts say.

If the company makes these decisions, it will be treated as a foreign company in the UK, forcing it to issue depositary interest on its shares in order to maintain a London listing.

“Polymetal» at the Investor Day on January 25, he shared plans to move to a friendly country: the priority is Kazakhstan, where the company has assets that provide about a third of production. If the company is located in the Astana International Financial Center (AIFC), then the primary listing can be transferred to the Astana International Exchange. But so far no final decision has been made. During the investor day, the company also mentioned the UAE and Hong Kong.