(Rewrites throughout)
MOSCOW, May 20 (PRIME) -- Siberian-Urals Aluminum Company (SUAL), which holds a blocking stake in Russian aluminum giant RUSAL, plans to study the proposed transformation of RUSAL before an annual general meeting of its shareholders scheduled for June 24, SUAL said in a statement Thursday.
RUSAL said earlier it plans to spin off assets with higher carbon footprint and to change the name to AL+.
SUAL said, "A positive decision of the shareholders on renaming of the company will require an approval by SUAL Partners Limited, an approval may also be required for transformation of the ownership structure in the framework of the planned spinoff in case the transformation is qualified as an interested party deal."
According to an earlier Bloomberg report, SUAL does not support the proposed scenario of division of RUSAL.
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