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Abu Dhabi's Mubadala Buys 2.6% of Russia's En+ Group

Abu Dhabi's Mubadala Buys 2.6% of Russia's En+ Group

Wednesday, 23 June, 2021 - 16:30
A general view of Business Bay area, after a curfew was imposed to prevent the spread of the coronavirus disease (COVID-19), in Dubai, United Arab Emirates, March 28, 2020. (Reuters)

Abu Dhabi state investor Mubadala has bought a 2.6% stake in Russia’s En+ Group, which owns 56.9% in aluminum producer Rusal, Mubadala and En+ said on Wednesday.

Mubadala bought the stake from Polina Yumasheva, En+ said, the former wife of U.S.-sanctioned Russian businessman Oleg Deripaska.

Deripaska is a founder of Rusal and En+.

En+ “is a market leader in the clean energy and aluminum sectors, and is a welcome addition to Mubadala’s growing and successful portfolio in Russia,” Faris Sohail Al Mazrui, head of Mubadala in Russia, said in a statement.

Mubadala has a stake in Emirates Global Aluminum, which operates aluminum smelters in Abu Dhabi and Dubai.

Yumasheva’s stake in En+ fell to 2.58% after the deal, and En+’s free float rose to 12.3%.

The US Office of Foreign Assets Control (OFAC) has been notified of the sale, En+ added.

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