Copper miner Kazakhmys (LON:KAZ) chairman Vladimir Kim has sold 58.8 million shares, 11% of the company, to a Kazakhstan sovereign wealth fund.
Kim will bank £836 million through the sale.
The transaction took place on the Kazakhstan Stock Exchange at 3,363KZT per share, based on the 1,423p yesterday’s closing mid-market price on the London Stock Exchange.
Kazakhstan’s National Welfare Fund Samruk-Kazyna JSC bought the shares.
Kim retains a 149.3 million shareholding, representing 27.9% of the company.
The transaction enables Kim to diversify his investment portfolio whilst retaining a significant long-term shareholding in Kazakhmys, the group said in a statement. The transaction represents the first disposal of Kazakhmys shares by Kim since the company's IPO on the London Stock Exchange in 2005.
Meanwhile the transaction takes the government of Kazakhstan’s total interest to 139.1 million shares, or 26% of the company.