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CIC may invest in RUSAL's HK IPO: report

Dec. 29, 2009 (China Knowledge) - China Investment Corp, the country's US$300-billion sovereign wealth fund, is likely to invest in United Company RUSAL, the world's largest aluminum producer, when the Russian firm launches an initial public offering on the Hong Kong Stock Exchange, said industry sources, local newspaper Vedomosti Daily reported.

The report said that U.S.-based fund BlackRock also plans to take part in RUSAL's Hong Kong IPO.

RUSAL has set a price range for the IPO of between US$13.7 and US$18.9 billion, according to the newspaper.

The Russian aluminium giant plans to start pre-marketing its IPO on Jan. 5 and a road show on Jan. 11, said the sources, adding that the issue price will be finalized around Jan. 21.

In mid-December, RUSAL received approval from the Securities and Futures Commission of Hong Kong to launch the IPO, but is not allowed to sell shares to individual investors.

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