UC Rusal, the world’s largest aluminium producer controlled by billionaire Oleg Deripaska, is moving closer to securing its $2bn (£1.2bn) stock listing.
The company, which is planning to list 10 per cent of its shares in Hong Kong and Paris, is understood to be finalising a massive debt restructuring, which will help pave the way for its initial public offering to go ahead.
Rusal is trying to reach a deal with creditors over its debts, which are causing concern to the authorities in Hong Kong. The exchange’s regulators are still thrashing out the conditions of the IPO, and are set to meet again today to carry on discussions about the listing.
The Securities and Futures Commission is thought to be considering a ban on retail investors participating in the share sale.
Rusal has hit a number of set backs in its attempts to float. The Hong Kong Exchange and Clearing’s listing committee has delayed a decision three times, expressing concern about a $4.5bn loan from VEB, the state-owned Russian bank chaired by prime minister Vladimir Putin.
Earlier this month Rusal named two Hong Kong based non-executive directors to its board in an attempt to smooth its passage to become a public company.