UC Rusal can not hasten
a rise in prices for aluminium can become one more argument for carrying over IPO for 2010
Committee of the Hong Kong stock exchange again has postponed consideration of demand UC Rusal for listing reception, therefore carrying out IPO of the company till the end of the year it is represented problematic enough. But now and most Rusal to hasten not from a hand: the debt problem is solved, and the prices for aluminium so, and company capitalisation will grow, predictably.
the committee on listing of the Hong Kong stock exchange and has not made yesterday decisions under demand UC Rusal for listing reception. The source daily, close to company placing, says that the committee needed an extra time on studying of the presented documents. Consideration of demand Rusal already was transferred for the same reason. However, for the first time the exchange committee gathered even before signing Rusal of the definitive agreement with creditors about re-structuring of the debt on 16,8 mlrd dollars
However, additional questions at a stock exchange have arisen not to the agreement, and to the credit at a rate of 4,5 mlrd the dollars, given out Rusal in 2008 Vneshekonom bank (veb), the British The Financial Times has informed yesterday. To extinguish the credit the company should in October of this year, but has managed to agree about prolongation for one year. Whether it will be again prolonged in 2010, not clearly. However, itself veb it is ready to meet Rusal at least in a pledge question under this credit (25 % of actions “ Norilsk nickel “ on which purchase the credit, and also 25 % a minus one action of two factories Rusal) undertook. As the head of bank Vladimir Dmitrys has declared yesterday, pledge can be reduced, as cost of these actives has increased.
but also itself Rusal, seemingly, sets as the purpose at any cost to spend IPO this year. Last week Oleg Deripaska in The Financial Times interview has declared that possible carrying over IPO of the aluminium company the next year does not become a problem. “ the Situation in the aluminium market considerably improves that promotes growth of market cost and the price of shares of company “ - has noted yesterday a source daily, close to preparation IPO Rusal. As he said, from - for predicted a rise in prices for aluminium in the first quarter 2010 market conditions for listing Rusal will be even more favorable. Thus as a reference point he names aluminium cost at level 2500 dollars for ton. In most Rusal on preparation IPO do not make comments.
yesterday`s quotations of metal were at level about 2140 dollars for ton. According to poll Bloomberg, the average price for aluminium next year is predicted at level 1885 dollars for ton. But, for example, Harbor Intelligence, “ guessed “ with growth of cost of metal in the end of this year, predicts that in 2010 aluminium will rise in price to 2700 dollars for ton.
However, the aluminium rise in price, and accordingly, and stock value Rusal can lower appeal of investments in them. So, veb has promised during IPO to get about 3 % of actions of the aluminium company. According to the head of bank Vladimir Dmitriev, on it can be directed to 20 mlrd rbl. from profit veba on placing of Fund of national well-being. But such sum will suffice on 3 % of actions Rusal proceeding from company capitalisation in 23 mlrd dollars