https://newsletter.en.creamermedia.com
Financial|Mining
Financial|Mining
financial|mining

Nornickel hires counterparty to buy its shares for employees

14th April 2023

By: Reuters

  

Font size: - +

MOSCOW - Russian mining giant Norilsk Nickel aid on Friday it had entered into an agreement that will see digital financial asset issuer Digital Assets buy Nornickel shares as part of an employee incentive scheme.

"Within the framework of realising the programme, it is planned that Digital Assets will acquire no more than 407 344 ordinary shares of Norilsk Nickel between May 1, 2023, and December 31 2023," Nornickel said in a statement.

The shares will be purchased on the Moscow Exchange or the over-the-counter market.

The counterparty will buy 0.27% of Nornickel's share capital, Nornickel said. Based on Thursday's closing price, that would amount to around 6.3 billion roubles ($77.3-million).

Nornickel's largest shareholder, Vladimir Potanin, said in September the company planned to increase the equity holdings of employees and other individuals to collectively comprise 25% of the company, up from 10% at that time.

Potanin said he wanted to ensure that 25% of Nornickel's shares were returned to the people, including employees.

When Nornickel, the world's top palladium and refined nickel producer, was privatised during the post-Soviet carve-up of Russian industry in the 1990s, employees owned around 25% of shares.

Potanin said a 10-year programme called "Digital Investor" would begin in 2023, involving digital financial assets and lock-up periods.

Edited by Reuters

Comments

 

Latest News

PCC acting executive director Blessing Manale
PCC appoints Manale temporary executive director
Updated 33 minutes ago By: Marleny Arnoldi

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 13 December 2024
Magazine round up | 13 December 2024
13th December 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.201 0.293s - 190pq - 2rq
Subscribe Now