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Rusal mulls re-registering company in Russia

The final decision is yet to be made and will be subject to shareholders’ approval

HONG KONG /Xianggang/, August 17. /TASS/. Sanctions-hit Russuan aluminum giant Rusal, now formally registered at the Bailiwick of Jersey (part of the Channel Islands archipelago), is examining the possibility of re-registering the company in Russia, the company said in a statement released via the Hong Kong stock exchange on Friday.

"At a meeting of the board of directors of the Company (the "Board") held on 16 August 2018, the Board carefully considered an opportunity for the Company to effect a potential change of domicile of the Company from Jersey to the Russian Federation (the "Redomiciliation") that arose from the introduction of new Russian laws regarding international companies and regarding special administrative regions that are both effective from 3 August 2018," the statement reads.

The board believes that such redomiciliation "may be in the best interests of the Company and its shareholders," but the final decision is yet to be made and will be subject to shareholders’ approval.

"Shareholders should take note that the plan of Redomiciliation may or may not proceed and the Redomiciliation proposal is still under consideration of the Board," the statement reads.

Rusal was hit by US sanctions on April 6 along with other companies, including the ones related to Russian businessman Oleg Deripaska. US sanctions of sanction-hit companies are to be frozen and US companies and citizens are barred from doing business with them.