Nornickel hires counterparty to buy its shares for employees
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.
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