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UPDATE 1-Russia's Rusal may cancel Paris listing, head to London -sources
June 20, 2017 / 6:46 PM / 4 months ago

UPDATE 1-Russia's Rusal may cancel Paris listing, head to London -sources

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MOSCOW/LONDON, June 20 (Reuters) - Russian aluminium producer Rusal is considering cancelling its Euronext listing in Paris and instead moving to a technical listing in London, two sources close to the company said.

The move would not require new shares to be placed.

A Rusal spokeswoman Vera Kurochkina said the “information does not reflect reality.”

A third person familiar with the matter said Rusal, which is the world’s second-largest aluminium producer and had $475 million in earnings before interest, tax and amortisation (EBITDA) in the first quarter of 2017, might just keep its Hong Kong and Moscow listings.

According to its website Rusal’s share volume on Euronext Paris was 500 on Tuesday compared with some 1.9 million shares in Hong Kong.

The company has 13 percent of its foreign capital in free float on the Hong Kong, Paris and Moscow exchanges. Russian tycoon Oleg Deripaska’s En+ Group, which owns 48 percent of Rusal, is planning an initial public offering in Moscow and London this year, sources familiar with the matter told Reuters. (Reporting by Ekaterina Golubkova, Dasha Afanasieva and Sujata Rao; Additional reporting by Polina Devitt. Editing by Jane Merriman and Susan Thomas)

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