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Rusal shareholders approve company’s re-registration in Russia

Rusal has decided to re-register from Jersey to Russia in November 2018 being under the US sanctions, lifted in January 2019

© Alexander Shcherbak/ТАSS

MOSCOW, August 2. /TASS/. Shareholders of Rusal aluminum holding at an extraordinary meeting approved re-registration of the company from Jersey Island on Oktyabrsky Island to Kaliningrad, the company said on the Hong Kong Stock Exchange on Friday.

As part of this decision, the shareholders approved amendments to the company's charter in accordance with Russian law, adopted a new corporate charter, taking into account the changes necessary to continue the company’s international activities outside Jersey.

Rusal has decided to re-register from Jersey (part of the Channel Islands archipelago) to Russia in November 2018 being under the US sanctions, lifted in January 2019.

To complete re-registration, the company needed the backing of Russia’s regulatory authorities, approve the change of Personal law from Jersey law to the Russian law, change the English name of the company as well as the full and abbreviated company names in Russian, issue Russian shares and elect Evgeny Nikitin as the General Director.

Rusal is the largest aluminum producer outside of China and the only primary aluminum producer in Russia. In 2018, the company produced 3.753 mln tonnes of aluminum, in the first half of 2019 - 938,000 tonnes. The main shareholders of the holding are En+ with a share of 50.1%, SUAL Partners of Viktor Vekselberg and partners with a share of 26.5%, and a subsidiary of Swiss trader Glencore Amokenga Holdings with a share of about 6.78%, which will also go to En+ until the end 2020 year.

Rusal's shares are currently traded on the Moscow Exchange and the Hong Kong Stock Exchange.

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