MOSCOW, July 11. /TASS/. Moscow Exchange and St. Petersburg Exchange will resume trading in shares Yuzhuralzoloto (UGK) following the cancellation of the Bank of Russia's order. Transactions with securities will be available from July 14, the trading platforms reported.
Trading in UGK shares on the Moscow Exchange will start at 09:50 a.m. Moscow time, trading on the St. Petersburg Exchange - at 10:00 a.m. Moscow time.
As the Moscow Exchange noted, transactions with UGK securities will be possible during the main and evening trading sessions with the possibility of trading in all sessions in the following days. St. Petersburg Exchange will provide access to transactions with the company's shares in all modes from the moment trading resumes.
"On weekdays, in the main trading mode, shares of PJSC UGK will be available for transactions from 7:00 a.m. to 11:50 p.m. Moscow time, including morning and evening additional sessions. On weekends, starting from July 19, shares of PJSC UGK will be available to investors for transactions in the main trading mode from 10:00 a.m. to 11:50 p.m. Moscow time," the St. Petersburg Exchange added.
On July 4, the Bank of Russia temporarily suspended trading in shares of UGK due to strong volatility.
About the Yuzhuralzoloto situation
Earlier, the Prosecutor General's Office filed a lawsuit with the Sovetsky District Court of Chelyabinsk seeking the transfer of shares in Yuzhuralzoloto (UGK), controlled by the company’s largest shareholder Konstantin Strukov, to the state. A source within the Prosecutor General's Office informed TASS about the legal action. The court upheld the lawsuit.
According to the lawsuit, Strukov, who has served as a deputy in the regional legislative assembly since 2000 and as deputy chairman since 2017, violated the prohibition on holding business interests. Through bankruptcy proceedings, he allegedly seized the assets of Yuzhuralzoloto, the company he previously led, by establishing PAO Yuzhuralzoloto Group of Companies (PJSC UGK).
Currently, the holding produces 450,000 ounces of gold annually, operating deposits in the Chelyabinsk Region, Krasnoyarsk Region, and the Republic of Khakassia.