Russian billionaire Kerimov builds stake in ENRC

Shares in natural resources giant ENRC moved higher after Russian billionaire Suleiman Kerimov bought a 2.86 per cent stake in the group.

Kerimov's purchase, which is estimated to have cost in the region of $176m, takes his share in the company to 3.05%.

Shares in the stock were driven higher at the end of last week in expectation of the transaction.

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Kerimov also owns the single largest stake in the largest gold miner in Russia, Polyus Gold.

ENRC is currently the subject of an investigation by the UK Serious Fraud Office related to claims over allegations of bribery and whistle-blowing.

The company's share price leapt 6.29% to 311.10p by 14:50 Tuesday.

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