FoxBusiness
Rusal Executive Director Alexander Livshits Resigns
Edited by : AL CIRCLE
2 min read
United Co. Rusal PLC (0486.HK) Executive Director Alexander Livshits has resigned effective June 15, the Russian aluminum giant said Monday, marking a second senior-management departure from the Russian aluminum producer in about three months.
Mr. Livshits' resignation came after Russian billionaire Viktor Vekselberg quit March 13 following a boardroom battle with Chief Executive Oleg Deripaska--who owns around 48% of Rusal--over an investment in OAO Norilsk Nickel (GMKN.RS).
The EuroNext- and Hong Kong-listed aluminum producer said in a statement that Mr. Livshits' resignation is owing to "other business commitments" and that he isn't in any disagreement with the board and that there is no other matter relating to his resignation that needs to be brought to the attention of shareholders.
The company said in the same statement that it has appointed Gulzhan Moldazhanova as non-executive director, effective June 15. Ms. Moldazhanova, 46, is a board member of Basic Element Ltd., a company controlled by Mr. Deripaska, it added.
In a separate statement, Rusal said it proposes to issue up to 30 billion rubles ($926.6 million) worth of ruble-denominated regular corporate bonds and up to RUB30 billion worth of ruble-denominated exchange-traded bonds.
The regular bonds will have maturities of up to 10 years and the exchange-traded bonds of up to 3 years, it said, adding that proceeds will be used for general corporate purposes including refinancing and funding capital expenditure.
Mr. Livshits' resignation came after Russian billionaire Viktor Vekselberg quit March 13 following a boardroom battle with Chief Executive Oleg Deripaska--who owns around 48% of Rusal--over an investment in OAO Norilsk Nickel (GMKN.RS).
The EuroNext- and Hong Kong-listed aluminum producer said in a statement that Mr. Livshits' resignation is owing to "other business commitments" and that he isn't in any disagreement with the board and that there is no other matter relating to his resignation that needs to be brought to the attention of shareholders.
The company said in the same statement that it has appointed Gulzhan Moldazhanova as non-executive director, effective June 15. Ms. Moldazhanova, 46, is a board member of Basic Element Ltd., a company controlled by Mr. Deripaska, it added.
In a separate statement, Rusal said it proposes to issue up to 30 billion rubles ($926.6 million) worth of ruble-denominated regular corporate bonds and up to RUB30 billion worth of ruble-denominated exchange-traded bonds.
The regular bonds will have maturities of up to 10 years and the exchange-traded bonds of up to 3 years, it said, adding that proceeds will be used for general corporate purposes including refinancing and funding capital expenditure.
Previous article
Aluminium producers pitch for raising import duty on aluminium
Next articleRUSAL ships 5 percent more aluminum by rail in January to May
Grow with
AL Circle
