This occurred due to the ingress of companies and their shareholders in the “black list” of the U.S. Treasury
– RUSAL shares fell in early trading on the Moscow exchange by 46.9% (to 15.04 rubles apiece), paper En+ lost of 22.8%, dropping to 45 cents per share, on news of the inclusion of companies and their major shareholders in the “black list” of the U.S. Treasury.
Oleg Deripaska and his basic assets of En+ and RUSAL included in the “black list” of the USA, published on Friday, OFAC (the structure of the U.S. Treasury, responsible for law enforcement in the area of sanctions). The sanctions hit and the other major shareholder of “RUSAL” Viktor Vekselberg.
Earlier on Monday in the “RUSAL” reported that the sanctions could lead to technical defaults in respect of certain loan obligations. The company considers it probable that the sanctions will have a material adverse effect on its business and prospects. At the same time “RUSAL” intends to fulfill its existing obligations. Publication of annual report may be delayed, the report said.
The company made the announcement amid a sharp decline in its shares: on the stock exchange in Hong Kong they fell by more than 40% following the company’s inclusion in the “black list” of the USA, reports Bloomberg. In the course of trading shares fell to 2.76 Hong Kong dollar.
Deripaska is now in control 48,13% of RUSAL and about 66% of En+. As planned, the share of “RUSAL” will grow up to 56.88% after the conversion of 8.75% stake in RUSAL, owned by Glencore, GDR En+. Vekselberg’s Sual Partners owns 26,5% of RUSAL following redemption of shares “Oneksima” in February.
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