RusAl drops North America listing plans

Russian aluminum giant RusAl, which is listed in Hong Kong and Paris, has dropped plans to  float shares in North America, First Deputy CEO Vladislav Solovyev told RIA Novosti on Monday.

“We are satisfied with the trading floors, on which we are listed,” Solovyev said.

RusAl Financial Market Director Oleg Mukhamedshin announced in April the company was considering selling its stock in North America.

RusAl held IPOs in Hong Kong and Paris in early 2010. Russia’s top bank Sberbank has for the first time issued Russian Depository Receipts (RDR) for RusAl.

Solovyev also said the company may soon restructure its debt to foreign banks and was currently holding talks with Russian creditors on reducing interest rates on existing loans.

RusAl’s investment will amount to $1.4 billion in 2011, with half the funds coming from shareholder equity, Solovyev said.

Leave a comment