Rusal says board backs change of domicile to Russia
MOSCOW – Russia's sanctions-hit aluminium giant Rusal said on Friday its board had discussed and approved a change of domicile from Britain's Jersey to Russia in order to take advantage of new special tax regulations.
Rusal, which was hit with US sanctions in April that seriously disrupted aluminium supplies, said the relocation was still subject to shareholder approval.
The announcement comes a day after En+ Group, which is also subject to US sanctions on the two companies' tycoon co-owner Oleg Deripaska, said it was considering re-domiciling to one of Russia's new offshore zones.
Russia has created two special administrative regions where companies enjoy benefits such as a zero tax on profits received by way of dividends - an arrangement similar to foreign offshore tax havens.
Rusal said its board had decided that a change of domicile might be "in the best interests of the company and its shareholders as a whole" and entrusted the management with developing a detailed action plan.
Shares in Hong Kong-listed Rusal, the world's largest aluminium producer outside China, are down 54% since the sanctions were imposed on April 6.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation