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Mar 24, 2015: Egorov Puginsky Afanasiev & Partners advises on the listing of UC RUSAL’S shares on the Moscow Exchange

Egorov Puginsky Afanasiev & Partners advises on the listing of UC RUSAL’S shares on the Moscow Exchange 

Yesterday, on 23 March 2015 ordinary shares of a leading global aluminum producer UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, Moscow Exchange: RUALR) were admitted to the Moscow Exchange (MOEX) in the First Level quotation list. Egorov Puginsky Afanasiev & Partners provided legal support at every stage of the listing process.

The decision to proceed with a direct listing has been made in order to create a technical platform for trading the Company’s shares on the Russian exchange. A direct listing on MOEX is an opportunity to extend RUSAL’s investor base. In particular, it will allow local and international investors that have an investment policy which does not allow them to invest in Russian Depositary Receipts (RDRs), to trade the Company’s shares.

The trading of the Company’s shares on the MOEX is expected to commence on 30 March 2015 (stock code: RUAL).

Full legal support in the course of admission of UC RUSAL’S shares on Moscow Exchange was provided by Egorov Puginsky Afanasiev & Partners’ Banking & Finance, Capital Markets team led by the Practice Head, Partner Dmitriy Glazounov. The project team included Senior Associate Roman Malovitsky and Associates Teymur Guseynov, Gilyana Kharaeva and Elena Trubetskaya.

‘Admission of foreign securities on the Russian stock exchange is a great opportunity to extend the capabilities of the Russian stock market. It gives new tools to Russian investors, which were previously available only on foreign exchanges. The listing was made possible thanks to new regulation, including new rules set by the Bank of Russia and MOEX. Advising on this project our team was one of the first to successfully apply the legislative innovations in practice’, stated Dmitriy Glazounov.

‘Admission of the Company’s ordinary shares to the MOEX in addition to the company’s RDRs provides both our current as well as potential investors with additional opportunities, as they will now have access to a full set of instruments. Listing on the MOEX will link the stock markets of Hong Kong and Moscow; the infrastructure to allow free movement of shares between the two markets has been created,’ commented Oleg Mukhamedshin, RUSAL’s Director for Strategy, Business Development and Financial Markets.

There will be no issue of new Company shares under the Direct Listing Program. RUSAL’s RDRs issued on common shares of the Company will continue to be traded on MOEX.

RUSAL’s Board of Directors approved key parameters of the direct listing programme in 2013.




About the Firm

Egorov Puginsky Afanasiev & Partners is the leading national law firm in the CIS with offices in Moscow, St Petersburg, Kyiv, Minsk and associated offices in London and Washington, D.C. Founded in 1993, the firm combines extensive emerging markets experience with international professional standards. It provides the full spectrum of legal services to national and international businesses, government agencies, international organisations and financial institutions all over the CIS.