- It is noted that the potential re-domiciliation to friendly jurisdiction "could unblock the ability to execute further corporate actions"
According to TASS, Russia's state-owned news agency article published on January 25, 2023, Polymetal has progressed the evaluation of a potential re-domiciliation of the parent company, Polymetal International plc, to friendly jurisdiction and considers the Astana International Financial Centre (AIFC) the preferred one, though no decision has been made yet, according to a statement released on Wednesday.
"Based on the initial analysis, the company are of the view that a re-domiciliation into the Astana International Financial Centre (AIFC), a financial hub in Astana, Kazakhstan, is the preferred jurisdiction, taking into account the group’s significant operations and presence in the region, the AIFC legal system, tax regime and the ability to execute such a re-domiciliation," the statement reads.
Should the company proceed with a re-domiciliation to the AIFC, its primary listing may move to Astana International Exchange (AIX). The evaluation of the re-domiciliation process continues to be ongoing and will, in any event, be subject to a number of conditions, Polymetal noted. "The company has continued to evaluate all available options to modify its asset holding structure in order to maximize shareholder value," the statement said.
Jersey Island where Polymetal is registered, has been put on the list of jurisdictions that the Russian Federation deems unfriendly. The potential re-domiciliation to friendly jurisdiction "could unblock the ability to execute further corporate actions," the company added. That said, "there can therefore be no certainty that the company will proceed with, or ultimately complete, a re-domiciliation nor any certainty as to which jurisdiction would be ultimately selected were it to proceed," Polymetal stressed.
Group CEO Vitaly Nesis said in September 2022 that Polymetal was considering re-domiciliation to Hong Kong, China, the UAE or Kazakhstan.
Polymetal is one of the world’s ten largest gold producers and five biggest silver makers. Its assets are located in Russia and Kazakhstan. The company has a portfolio of ten producing gold and silver mines and a pipeline of future growth projects.
