In August 2023, Polymetal International plc completed its re-domicilation. Previously registered in Jersey, the company has now changed its jurisdiction to Kazakhstan.
Polymetal International ranks among the world’s largest precious mining companies. Alexander Nesis, a high-profile Russian billionaire, co-founded Polymetal in 1998 using his equity firm ICT Group.
Previously, the Moscow Exchange (MOEX) and Kazakhstan’s Astana International Exchange (AIX) suspended trading in Polymetal shares pending its re-domiciliation. Now the company’s premium listing is in Kazakhstan.
The London Stock Exchange (LSE) has also delisted Polymetal effective August 2023. The transfer of the company’s registration to Kazakhstan has rendered its common stock incompatible with electronic settlement within the CREST (Certificateless Registry for Electronic Share Transfer) system, which is one of the LSE’s requirements.
Polymetal’s choice of a new country is expected. For several years, the company has been active in both Russia and Kazakhstan. Thus, in 2014, Polymetal acquired Altynalmas Gold (AAG), a local company implementing the Kyzyl gold mining project.
As of December 31, 2022, the equity capital of Polymetal International includes over 473 million ordinary shares with no par value. One share carries one vote. Seventy-five percent of shares are in free float, and 24% belong to the ICT Group, owned by Alexander Nesis and his partners.
