The aluminum giant RusAl officially announced that the procedure for transferring securities between the Hong Kong and Moscow markets had been delayed and complicated.
In order to implement a competent transfer, the management of the company decided to use a clearing center Crest. The British from the clearing company had to settle transactions with the British securities, since the parent company of RusAl, Rusal plc, was registered on the island of Jersey.
The announcement from the aluminum giant brought down the company’s shares by 10%. Thus, the securities returned to the quotations of a month ago.
The registrar of RusAl, the Computershare Registrar, has published a message stating that the delay in the transfer of shares between the Hong Kong clearing center and the Russian national settlement depository was due to the inclusion of the aluminum giant in the Sanctions List of the US Treasury. That is why the shareholders of the company are obliged to provide additional information, in particular, about the chain of beneficiaries, in order to complete the transfer procedure.
At the moment, Oleg Deripaska controls 48.13% of RusAl through En +. In En +, the Russian oligarch owns 66%. This share is planned to be reduced to less than 50% during the implementation of measures to withdraw RusAl and En + from sanctions.
We dare to predict that the problems with transfer are not the last in the history of RusAl, which means investors should expect an even greater fall in the shares of the aluminum giant.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade