Sual Partners disagrees with RUSAL's dividend non-payment

MOSCOW, Dec 12 (PRIME) -- Sual Partners, a minority shareholder in Russian aluminum giant UC RUSAL, deems a decision of an extraordinary shareholder meeting of the company not to pay dividends a manipulation and does not expect the payment to affect the financial state of the company, Sual Partners said on Tuesday.

RUSAL said on Monday that the shareholders had approved paying no dividends for January–September.

"Sual Partners qualifies the decision of an extraordinary general meeting of the shareholders of RUSAL to pay no dividends as manipulation by the management and the board of directors of UC RUSAL in collusion with the largest shareholder," the statement read.

According to Sual Partners, the firms friendly to RUSAL are spreading rumors about a shutdown of plants and suspension of the environmental security upgrade program, which is at the stage of declaration.

RUSAL is controlled by core shareholder En+ Group with a 56.88% stake and Sual Partners with a 25.52% stake, while 17.6% is in free-float.

In October 2023, Sual Partners demanded that the company call an extraordinary general meeting of the shareholders to discuss dividends for January–September.

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