14 April 2004 03:48
Polymetal restructures ahead of IPO
MOSCOW. April 14 (Interfax) - St. Petersburg-based precious metals corporation MNPO Polymetal has restructured itself
in preparation for a possible IPO.
Polymetal created two divisions - OAO Polymetal Management Company, which will manage subsidiaries and dependent
companies, and ZAO Polymetal Engineering, to perform technical studies for the group itself and for other companies - in
a bid to achieve western governance standards, and improve the value of its assets, transparency and management, Vitaly
Nesis, general director of the management company, told reporters in Moscow.
MNPO Polymetal retains overall control. Prior to the makeover MNPO Polymetal - short for Polymetal Inter-regional
Research and Production Association, combined this and the roles of management and engineering companies.
Nesis said Polymetal was not, though, contemplating an IPO during the next six months. "We will continue to move
towards an offering, but we aren't planning one in the short-term, the next six months," he said. "We
will do all that is necessary to give ourselves the opportunity to float our shares on the international markets. If a
decision is made to float shares it must be made very quickly," Nesis said.
Nesis also said Polymetal might unveil IAS audits for the last three years in 2004. Polymetal has been working with
PricewaterhouseCoopers for the last few years.
MNPO Polymetal, founded in 1998, is Russia's biggest silver producer and one of the country's top ten gold
mining companies, with 16 licenses to precious metals deposits. Its fields contain 22,417 tonnes of C1+C2 silver and 205
tonnes of C1+C2 gold.
Polymetal is a member of the Investment, Construction, Technologies (ICT) Group of companies with the Baltiisky Zavod
shipyard of St. Petersburg, Titran Transport Machine Building Plant from Tikhvin and Inkotek logistics firm. [RU ASIA
EUROPE EEU EMRG GOL GDM STX IPO CORA] pr <>
[Interfax] |
RUSSIA IN FACTS
