Regulators in Hong Kong examine Rusal demerger plan - FT (updated)

En+ MKPAO

21/11/2021 09:58

(Adds Rusal's response and background)
    Nov 21 (Reuters) - Hong Kong's stock market regulators are
examining plans by Russian aluminium producer Rusal to spin off
its high-carbon smelters and refineries into a separate company
that will be listed in Moscow, the Financial Times reported https://on.ft.com/3cwjyYH
 on Sunday.
    The decision to investigate the proposed demerger was set
into motion by a complaint from Odey Asset Management, the
report said, citing emails seen by the FT. 
    The London-based hedge fund believes a recent agreement
involving Rusal's two biggest shareholders means they should not
be allowed to vote, the newspaper said.
    Rusal  0486.HK  said it was not aware of any investigation
by the regulator, Hong Kong Exchanges and Clearing. 
    "We have not to date published any information concerning
voting arrangements concerning any general meetings to be held,"
a Rusal representative told Reuters. 
    Hong Kong-listed Rusal said in May that it would demerge its
higher carbon assets into a separate company as part of its goal
to achieve carbon neutrality by 2050 and will change its own
name to AL+ as part of the process.  urn:newsml:reuters.com:*:nL5N2N634H    
    It was expected to complete the demerger process in the
second half of 2022, its largest shareholder EN+ Group  ENPG.MM 
said on Nov. 1.  urn:newsml:reuters.com:*:nL1N2RS0JT 
    Hong Kong Exchanges and Clearing did not immediately respond
to Reuters' request for comment.

 (Reporting by Vishal Vivek in Bengaluru and Polina Devitt;
Editing by Andrew Heavens)
 ((Vishal.Vivek@thomsonreuters.com;))