Rusal’s Hong Kong listing delayed by debt questions

Dec 08, 2009 | 12:55 PM | Alex Harrison

United Co. Rusal's attempts to sell shares this year in Hong Kong have been derailed by questions from the exchange's listing committee about the company's debt to Russian state-owned bank Vnesheconombank (VEB), a source familiar with the matter said.

"One question was all it took," he said.

The initial public offering (IPO) is now unlikely to take place until towards the end of the first quarter of 2010.

The listing committee at the Hong Kong Stock Exchange usually meets on Thursdays, but this week it met Monday specifically to discuss the Russian aluminum producer, the source said.

The questions that the listing committee raised were related to Russian state-owned bank VEB's $4.5-billion loan to Rusal, which earlier this year was extended to October 2010, the source said. ....





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