MOSCOW, August 1. /TASS/. The majority of Rusal shareholders voted during the extraordinary meeting against furnishing documents on aluminum price hedging transactions in 2021-2022 to Sual Partners, the aluminum producer said in its statement posted on the Hong Kong Stock Exchange’s website.
Sual Partners, the largest minority shareholder of Rusal, requested earlier to hold an extraordinary meeting of shareholders to discuss the issue of providing access to information about such transactions to Sual. In the opinion of Sual, they resulted in losses of $760 mln in 2021-2022.
The Rusal Board of Directors earlier recommended dismissing requirements of the minority shareholder. The motive for the recommendation was that the analysis based exclusively on results of contracts taken out of the context would not be correct. The Board stressed that group companies enter into futures and forward contracts from time to time in respect of aluminum prices to safeguard plants against volatility of market prices.