The UAE’s sovereign investor Mubadala Investment Company said it acquired a fresh 2.6% stake in Russian aluminium giant and leading low-carbon aluminium producer En+.
Mubadala's total ownership in En+, following the deal now stands at 2.86%, which the investment firm stated on 23rd June 2021. However, the value of the deal is yet to be revealed.
Faris Al Mazrui, Head of Mubadala’s Russia & CIS Investment Programme, said: “The Company is a market leader in the clean energy and aluminium sectors and will add value to the Abu Dhabi Company’s portfolio in Russia.”
Mubadala Investment Company has an asset base of Dh894 billion ($243.6bn) and it has significant stakes in clean energy company Masdar and one of the globally largest aluminium producer Emirates Global Aluminium.
A Moscow Stock Exchange-listed company, En+ Group with global depository receipts and also listed on London Stock Exchange, has a controlling interest in Rusal.
The company said in a filing to the London Stock Exchange: “The shares were sold by Polina Yumasheva, whose stake in the company decreased to 2.58%, from 5.19% previously.”
In 2020, En+ Group booked a net profit of $1.02 billion on revenue generation of $10.36 billion and said: “Demand for primary aluminium is estimated to grow by 5 to 6% this year as economic activity gradually resumes.”
Lord Barker of Battle, Executive Chairman of the En+ Group, said: "Mubadala, which is committed to investments with positive and lasting impact, provides a further vote of confidence in the group’s ambitious strategy to lead our sector into the low-carbon economy.”
source https://www.alcircle.com/news/mubadala-investment-company-acquires-2-6-stake-in-low-carbon-aluminium-producer-en-67654
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