Gold steadies as traders weigh outlook for Fed rate cuts
Bullion traded near $2,626 an ounce in thin trading after closing 1.1% higher on Friday.
Shareholders of gold and silver producer Polymetal International approved a second plan to have the chance to exchange certain shares blocked by Western sanctions for new securities issued on Kazkahstan’s Astana exchange, the company said on Monday.
A European Union asset freeze on Russia’s National Settlement Depository (NSD) and US sanctions in May have complicated Polymetal’s efforts to revamp its corporate structure.
Polymetal International re-domiciled to Kazakhstan from Jersey in August and listed on the Central Asian nation’s Astana International Exchange (AIX).
The proposal, which affects around 14% of share capital, was approved at the company’s general meeting on Dec. 8, Polymetal International said.
In October, the company announced the exchange of around 8% of shares, but the remaining 14% could not be transferred until the relocation to Astana, upon which shareholders from countries that have not joined in with sanctions against Moscow were given the chance to participate.
The company is pursuing a sale of its Russian business.
(By Anastasia Lyrchikova and Alexander Marrow; Editing by Kim Coghill)
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