MOSCOW, June 24 (Reuters) - Russian tycoon Oleg Deripaska’s aluminium business, Rusal, plans to list its shares in Moscow, three years after its flotation on the Hong Kong market at nearly four times the current price.
Rusal, the world’s largest aluminium producer, announced the move in a Hong Kong filing “in order to improve liquidity and to improve the investor base for the company’s shares”.
It added that its shares should be listed on Moscow’s MICEX exchange by the end of this year, after its Russian Depositary Receipts, a type of proxy share, are delisted.
Deripaska, who controls Rusal, has faced criticism from shareholders for refusing to accept offers to buy out the company’s minority stake in Norilsk Nickel, which could have helped cut its $10.5 billion debt burden.
The 27.8-percent stake in Norilsk is now worth $6.6 billion, which exceeds the $5.9 billion market capitalisation of Rusal itself, which has been hit by a slump in global demand for aluminium.
Deripaska owns 48.1 percent of Rusal, while other shareholders include tycoon Mikhail Prokhorov with a 17 percent stake, businessman Viktor Vekselberg and his partners with a 15.8 percent and trading giant Glencore, which owns 8.75 percent.
RUSAL raised $2.2 billion when it floated 11 percent of its shares in Hong Kong in January 2010 at a share price of HK$10.80 apiece. The shares closed on Monday at HK$2.97, down by 35 percent over the past year. (Reporting by Douglas Busvine; Editing by Greg Mahlich)