At an extraordinary meeting on Thursday, shareholders of aluminum holding Rusal approved re-registration of the company from Jersey to Russia’s “domestic offshore” of Oktyabrsky Island, the company announced on the Hong Kong Stock Exchange on Friday, according to TASS.
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 the Jersey offshore zone to Russia in November 2018 being under the U.S. sanctions. The measures were lifted in January 2019. As part of a deal with the U.S. Treasury to lift the sanctions on the companies owned by Kremlin-linked oligarch Oleg Deripaska, the billionaire agreed to give up control of the firms.
To complete re-registration, Rusal 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 million tons of aluminum and 938,000 tons in the first half of 2019.
The main shareholders of the holding are En+ Group 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.