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£57.7m: Centamin chairman’s non-stop share sale
The chairman of Egyptian gold producer Centamin (CEY) Josef El-Raghy has sold £57.7m worth of shares in the miner this year. That represents 33m of the 53.8m shares he owned at the start of 2017.
We’re told by the miner’s advisers that El-Raghy is diversifying his investment risk by not having all his money tied up in a single asset.
However, we also note El-Raghy recently tried to do a corporate deal via another business interest with Tanzania-focused gold miner Indiana Resources. That didn’t work, so he’s now trying to oust some directors from Indiana and replace them with his associates. Maybe he’s getting some cash ready for a connected deal?