PRESS: Qatar Investment Authority may partake in IPO of En+ Group

MOSCOW, Oct 12 (PRIME) -- Qatari sovereign fund Qatar Investment Authority (QIA) is considering investment in Russia’s En+ Group of tycoon Oleg Deripaska during the company’s initial public offering (IPO), Vedomosti business daily reported on Thursday quoting sources.

On October 5, En+ said it planned to hold an IPO in London and Moscow to raise U.S. $1 billion. The entire amount of the deal may reach $1.5 billion, including the sale of a $500 million stake to a key investor, Singapore’s AnAn Group, partner of China’s CEFC.

One of sources told Vedomosti that QIA was invited to the IPO of En+, while another source said that the company offered the fund to become an anchor investor. A third source close to one of organizers of the placement said that QIA may not become an anchor investor, but may participate in the IPO. The sources did not name the stake that the fund may buy.

En+ owns 48.13% in aluminum giant UC RUSAL, controls power utility EuroSibEnergo, ferro-molybdenum producer Souyzmetallresurs, and several coal and logistics assets.

In December 2016, QIA bought a 19.5% stake in Russian oil major Rosneft in consortium with Swiss commodity trader Glencore. On September 8, 2017, Glencore said it was selling 14.16% in Rosneft jointly with QIA to China’s CEFC, cutting its stake in Rosneft to 0.5% and the stake of QIA to 4.7%.

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