Russian duo cut stake in UC Rusal

Through an aftermarket block sale, Russian tycoons Mikhail Prokhorov and Viktor Vekselberg raised $315 million through selling a 3% stake in UC Rusal – an uncommon name in Hong Kong’s ECM market.
Russian tycoon Mikhail Prokhorov sold his stake in UC Rusal twice within nine months.
Russian tycoon Mikhail Prokhorov sold his stake in UC Rusal twice within nine months.

Hong Kong’s equity capital market welcomed an unusual guest on Tuesday after two UC Rusal shareholders sold a block of shares in the Russian aluminum producer for HK$2.5 billion $315 million via an accelerated bookbuild.

The Reg S144A deal marks only the second capital market transaction for the Russian company since it was listed in Hong Kong in 2009.

In February this year, Russian tycoon Mikhail Prokhorov best known as the owner of Onexim Group and NBA team Brooklyn Nets sold a 3.3% stake in UC Rusal for $240 million through an after-market block sale.

This time around, Prokhorov is joining...

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