MINER Polymetal International – which will be relegated from the FTSE 100 this month – yesterday announced that it plans to begin trading on the Moscow Stock Exchange this week to broaden its investor base.
The Russian gold producer, whose stock value has been impacted by declining commodity prices, said that trading is expected to commence on Thursday and is aimed at attracting Russian institutional and retail investors.
“Listing on the Moscow Exchange is also an important step towards potential re-inclusion of Polymetal in the MSCI Russia index, which is one of our top capital markets priorities,” said chief executive Vitaly Nesis.
FTSE 100 peer Evraz, which is also set to drop out of the blue-chip index in the 24 June reshuffle, is considering a similar move onto the Russian stock markets, according to the Wall Street Journal.
Sberbank CIB is advising Polymetal on the Moscow listing.
Polymetal’s shares closed 0.15 per cent up at 650.50p, valuing the firm at around £2.5bn.
The stock has lost 47 per cent of its value since its peak at the start of the year, reflecting a global slump in gold and silver prices.