Kazakh tycoon wants Petropavlovsk ex-CEO back, sees M&A opportunities – by Olzhas Auyezov (Reuters U.S. – Janaury 18, 2018)


ALMATY (Reuters) – Kazakh businessman Kenges Rakishev, having bought a large stake in Petropavlovsk (POG.L) last month, says he wants to see Pavel Maslovskiy reinstated as chief executive of the Russian mid-sized gold producer.

The unexpected deal, in which Rakishev purchased a 22 percent stake in the London-listed company from Russian billionaire Viktor Vekselberg for an undisclosed sum, was the latest twist in a row surrounding Petropavlovsk. Petropavlovsk witnessed shareholder conflict over control of the company that culminated in the resignation of Maslovskiy, one of its co-founders, as CEO in mid-2017.

“From my point of view, nobody came out of this (infighting) victorious,” Rakishev said in an interview with Reuters. “Maslovskiy must complete the POX plant,” he added, referring to a major project aimed at boosting the company’s output. “I would like (to see him return).”

Asked whether he favored reinstating the second co-founder and ex-chairman of the firm, Peter Hambro, Rakishev said he had not yet considered that. Hambro had run the company since founding it in 1994 but left in 2017 amid the shareholder row. M&A

Rakishev wants Petropavlovsk to look into potential acquisitions in Russia and Central Asia as he plans either to join its board or appoint a representative to it. He said he planned to meet Petropavlovsk’s board members and fellow shareholders soon to discuss his proposals.

For the rest of this article: https://www.reuters.com/article/us-russia-petropavlovsk-shareholders/kazakh-tycoon-wants-petropavlovsk-ex-ceo-back-sees-ma-opportunities-idUSKBN1F71L8