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Deripaska reduces stake in En+ to 44.95%

Deripaska’s stake was earlier estimated at approximately 70%

WASHINGTON, January 28. /TASS/. Russian businessman Oleg Deripaska has reduced his stake in En+ Group to 44.95% in accordance with US requirements as part of efforts to remove sanctions from the company, the company said in a statement.

Deripaska’s stake was earlier estimated at approximately 70%.

The reduction of Deripaska’s interest was achieved by issuing "new shares the form of GDRs, representing approximately 10.55% of the enlarged share capital of the Company," VTB Bank "taking ownership of certain of shares pledged as collateral for previously issued obligations of entities controlled by Mr. Deripaska issued by VTB Bank" and the donation of certain shares to a charitable foundation by Deripaska, the company explained.

Reducing Deripaska’s shareholding stake in En+ to less than 50% was one of the United States’ conditions for removing the company from the sanctions list.

According to the US Department of Treasury, this move "ensures that the majority of directors on the En+ and Rusal boards will be independent directors - including US and European persons - who have no business, professional, or family ties to Deripaska" or any other entities or individuals sanctioned by the US.

On January 28, En+ Group announcement the appointment of new members of its Board of Directors as required by the US Department of Treasury.