The Hong Kong Stock Exchange has delayed...
The world"s largest aluminum producer, which accounts for 12% of global aluminum and 15% of alumina production, earlier announced plans for listing on the Hong Kong and Paris-based Euronext stock exchanges at the end of 2009 to sell about 10% of its shares and raise some $2.5 billion.
"The [Hong Kong] stock exchange has delayed the application"s consideration," a banking source told RIA Novosti, adding that the bourse has postponed the bid examination several times already.
The source said RusAl, which is controlled by Russian tycoon Oleg Deripaska, still had about one week to have its documents examined, following which "it could easily start IPO this year."
The other banking source, told RIA Novosti, however, that the Russian aluminum company was in no hurry to hold the public offering this year, adding that rising aluminum prices on global markets were contributing to RusAl"s market capitalization and share prices.