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bne Invest
July 12, 2019 www.intellinews.com I Page 14
Belarusian supermarket chain Eurotorg successfully places debut RUB5bn bond
on MOEX
Eurotorg (aka Euroopt) the largest food retailer in Belarus, successfully priced its debut ruble- denominated bond offering on July 9. The com- pany will place RUB5bn of five-year unsecured bonds with a coupon of 10.95% and will be listed on the Moscow Exchange (MOEX).
Andrey Zubkou, CEO of Eurotorg, said: “The suc- cessful pricing of our debut RUB-denominated bond represents another important landmark for Eurotorg. Having achieved significant process in
reducing our debt burden over the past year, we are continuing to look for ways to further optimise our overall debt profile. Adding RUB-denominated debt gives us an additional source of long-term unsecured financing. As a result of this issuance, we will have a more flexible repayment schedule and an increased average maturity of our debt portfolio.
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Czech billionaire Petr Kellner decreased his stake in Russian gold miner Polymetal
Russian gold miner Polymetal International plc reported that the richest Czech Petr Kellner
has reduced his stake in the company by 0.63 percentage points from previous 11.63% to 11.0%, Polymetal said on its website on July 5. A stake
of 0.63% is worth around $36.4mn.
Current a number of investors are interested in reducing their stakes in the company while the stock price is particularly high, bringing overhang risk. “We believe that this is well understood by the market and already priced in,” said Sberbank CIB analysts Irina Lapshina and Alexey Kirichok in a note.
In April, the company held an Investor Day in London at which it reiterated guidance of virtually
flat production in 2019-21 (1.55mn ounces (moz) of gold equivalent in 2019 and 1.6 moz GE in 2020- 21), with output then jumping 18% from this year's level to 1.85 moz GE in 2023 on the back of the launch of the new Nezhda greenfield project and the POX-2 facility.
The project is worth $431mn and will eliminate the need to use a similar plant in China, the company said in February.
Polymetal International is a gold and silver producer with assets in Russia and Kazakhstan, listed on the London Stock Exchange, Moscow Stock Exchange and Astana International Exchange. The company is a member of FTSE 250, FTSE Gold Mines and MSCI Russia.