Petropavlovsk shareholder fails in bid to stop sale of stake in IRC

By Frank Prenesti

Date: Friday 03 Dec 2021

(Sharecast News) - Petropavlovsk said the UK's High Court had rejected a bid by its major shareholder JSC Uzhuralzoloto Group of Companies to stop the sale of a stake in iron ore subsidiary IRC.
JSC wanted a court order to force Petropavlovsk into a general meeting at which it would try to prevent the company offloading its 29.9% share in IRC to Stocken Board, a Liechtenstein-incorporated investment company, for $10m.

Gazprombank in May signed off Petropavlovsk's agreement to sell the stake, which would free the company from $234m of linked credit line guarantees.

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