1. Main
  2. Learn
  3. Economy
  4. Companies

Kazakhgold assets being sold24 апреля 2012, 17:35

Gold. Tengrinews.kz stock photo Gold. Tengrinews.kz stock photo
Polyus Gold International has announced sale of Kazakhgold assets, Kommersant writes. Kazakhstan company SAT & Company will purchase Romanian Romaltyn Mining and Romaltyn Exploration for $20 million. The deal is expected to be completed in the Q2 of 2012. SAT & Company is a multi-purpose holding involved in oil products trade, oil chemistry industry, exploration and production of iron-containing ores, metallurgy, construction and transport. Negotiations on the remaining assets of Kazakhgold are in process, including with the Assaubayevs family. In 2009 Polyus Gold purchased a controlling stake in KazakhGold for $191 million and 0.9 percent of its shares. Reverse takeover transaction (RTO) was planned to take place shortly. The goal of the RTO was to get the larger Polyus Gold to the London Stock Exchange through Kazakhgold that already had the listing at the LSE. However, after the deal Polyus Gold discovered that financial and production indexes of the Kazakhstan company were overestimated two-fold. Polyus Gold requested the Assaubayevs (former owners) to return $450 million. After Polyus Gold submitted the claim to the London High Court, prosecution against top managers of the Russian company started in Kazakhstan. One of the conditions of the amicable agreement was a return sale of Kazakh assets to the Assaubayevs. In April 2011 the agreement was signed to give the Assaubayevs exclusive rights for purchase of KazakhGold assets. Under the agreement the buyers opened an irrevocable letter of credit for $100 million for the Assaubayevs to be used for the purchase. In September 2011 the Assaubayevs should have transferred the first tranche of $331 million, however, this never happened. The agreement was prolonged several times. In the beginning of April Polyus Gold cancelled the exclusive right for purchase of KazakhGold assets provided to the Assaubayevs family.

Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan
OPEC agrees shock oil output cut
Israeli ex-president and Nobel laureate Peres dies
Germany blocks WhatsApp data transfers to Facebook
32,000 arrested in Turkey coup probe
Youth to the fore as Milan fashion week opens
Xenophobia threatening peace in eastern Germany
Four-in-10 Japanese are virgins: poll
Sweden re-militarises Baltic island of Gotland
China to launch second space laboratory: Xinhua
More than a billion stars mapped in Milky Way: ESA
Boxing: Golovkin eyes Saunders after stopping Brook
Kazakhstan shifts PM to security chief
Oil prices gain despite rising OPEC supply forecast
US to give Philippines military planes
Singapore wages war on Zika-bearing mosquitoes
Italy quake death toll nears 250
Viral photos add fuel to French burkini debate
18 dead as Italy struck by powerful quake
Japan's first lady visits Pearl Harbor
Pokemon's a no-go on Bangkok's roads
July was Earth's hottest month in modern times
Pakistan rock climbers scale new heights