OREANDA-NEWS The gold mining company Solidcore Resources (formerly Polymetal), which left Russia, has applied for delisting of shares from the Moscow Stock Exchange. The company's press service informs about the withdrawal from the trading platform.

The decision on delisting is explained by recent US sanctions against the Moscow Stock Exchange. The last day of trading in the company's shares is asked to be set for September 30, 2024. After completion of the procedure, Solidcore Resources securities will be unavailable for organized trading.

The gold miner called on shareholders to exchange existing securities for new ones issued on the AIX exchange in Kazakhstan.

According to Chief Executive Officer Vitaly Nesis, OFAC sanctions, complete restriction of rights for the company's shareholders and the risks of continuing trading make further listing on the Moscow Stock Exchange impractical. Since March 2024, the company has been absent from Russia, which is also the reason for leaving the site.

The management of Polymetal International decided to completely withdraw from the Russian market in August 2023. The reason for the sale of the business to Polymetal was called the increased risks of continuing operations in the country. In June, the company's shareholders approved the decision to change the name to Solidcore Resources and refuse to pay dividends for 2023.