Rusal raises $2.2bn with Hong Kong listing

RUSSIAN aluminium giant Rusal has sold $2.2bn (£1.36bn) of shares in a public listing in Hong Kong.

Rusal sold 1.61bn shares at 10.80 Hong Kong dollars (86 pence) each.

Shares in the company will start trading on 27 January.

Rusal, which is the first Russian company to list in Hong Kong, is controlled by the oligarch Oleg Deripaska.

The company has said that it will use the money raised from the listing to pay down its $16.8bn debt.

Rusal's listing has been twice postponed over its debt but creditors agreed a restructuring plan in November.

The share sale had the support of 300 institutional investors, including Cheung Kong Holdings, owned by Hong Kong's richest man, the tycoon Li Ka-shing.