{"id":127949,"date":"2019-07-16T17:10:18","date_gmt":"2019-07-16T17:10:18","guid":{"rendered":"https:\/\/www.bnreport.com\/kazakh-billionaire-kenges-rakishev-sells-massive-stake-in-petropavlovsk\/"},"modified":"2019-07-16T17:10:18","modified_gmt":"2019-07-16T17:10:18","slug":"kazakh-billionaire-kenges-rakishev-sells-massive-stake-in-petropavlovsk","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/kazakh-billionaire-kenges-rakishev-sells-massive-stake-in-petropavlovsk\/","title":{"rendered":"Kazakh billionaire Kenges Rakishev sells massive stake in Petropavlovsk"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/wp-content\/uploads\/2019\/07\/GettyImages-949151150.jpg\" \/><\/p>\n<p>The biggest investor in London-listed miner Petropavlovsk has sold his 22 per cent stake in the company as he tries to raise money for other projects.<\/p>\n<p>Kenes Rakishev, a Kazakh billionaire, said he was selling the stake for commercial reasons. It was bought by Roman Trotsenko, a Russian billionaire with investments in airports and mining, among other things.<\/p>\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.cityam.com\/petropavlovsk-investor-hits-out-at-takeover-panel-as-investigation-casts-shadow\/\" rel=\"noreferrer noopener\" target=\"_blank\">Petropavlovsk investor hits out at Takeover Panel as investigation casts shadow<\/a><\/p>\n<p>\u201cWe invested in the company when it was distressed. To date, a lot of work has been done and the company has achieved some milestones,\u201d he said.<\/p>\n<p>\u201cWe believe that the company will continue its development and growth,\u201d he added.<\/p>\n<p>A spokesperson for Trotsenko, the buyer, said: \u201cWe are looking forward to being a significant shareholder in one of Russias leading gold producers and making our expertise available to the board.\u201d<\/p>\n<p>The news follows years of drama at the Russia-based gold miner.<\/p>\n<p>Rakishev was instrumental in bringing back the companys former chief executive Pavel Maslovskiy last year.<\/p>\n<p>Maslovskiy left the company in the middle of 2017 after clashes between shareholders.<\/p>\n<p>Rakishev, who made much of his money from investing in technology startups, bought his 22 per cent stake from Russian billionaire Viktor Vekselberg in December that year.<\/p>\n<p>He pressured the company to re-appoint Maslovskiy, who returned to the board in July last year.<\/p>\n<p>However, the Takeover Panel is currently investigating whether Rakishev collaborated with fellow shareholders Cabs and Slevin to bring Maslovskiy back.<\/p>\n<p><strong>Read more: <\/strong><a href=\"https:\/\/www.cityam.com\/gold-miner-petropavlovsk-looks-gilded-year-after-processing\/\" rel=\"noreferrer noopener\" target=\"_blank\">Gold miner Petropavlovsk looks to gilded year after processing plant opens ahead of schedule<\/a><\/p>\n<p>Between them, the three held more than 30 per cent of Petropavlovsk. If they<a href=\"https:\/\/www.cityam.com\/kazakh-billionaire-rakishev-sells-massive-stake-in-petropav\/\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The biggest investor in London-listed miner Petropavlovsk ha..<\/p>\n","protected":false},"author":1,"featured_media":127950,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-127949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kazakh billionaire Kenges Rakishev sells massive stake in Petropavlovsk - Business News Report<\/title>\n<meta name=\"description\" content=\"The biggest investor in London-listed miner Petropavlovsk ha..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/kazakh-billionaire-kenges-rakishev-sells-massive-stake-in-petropavlovsk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kazakh billionaire Kenges Rakishev sells massive stake in Petropavlovsk - 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