×
Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Vekselberg Says RusAl to Have IPO by Year-End

STOCKHOLM — United Company RusAl will “absolutely” proceed with its initial public offering in Hong Kong this year, Chairman Viktor Vekselberg said Wednesday.

“We strongly believe that we will be able to list it this year in the first half of December,” Vekselberg said in an interview in Stockholm. RusAl’s plan to sell new shares representing a 10 percent stake in the company has raised “huge interest” from Russia-focused and Asia-based investors, he said, speaking on the sidelines of a meeting between Russian and European Union officials.

The deadline for RusAl to agree with more than 70 banks on restructuring $16.8 billion of debt is Nov. 26, Vekselberg said. The talks must be concluded before the IPO can proceed, two people familiar with RusAl’s plans said last week. A delay would mean that the IPO wouldn’t go ahead before March, one of the people said. RusAl’s controlling shareholder Oleg Deripaska said Nov. 15 that the talks are “almost” complete.

RusAl agreed with its biggest creditor, Vekselberg said.

“Now we fix just some technical points of agreement,” he said. “After that, according to our schedule, we should present our materials” to the Hong Kong Stock Exchange.

A successful IPO would make RusAl the first Russian company to complete an offering in China.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more