MOSCOW (Pakistan Point News / Sputnik - 13th August, 2018) Depositary receipts of Russia's energy-related company En+ Group have grown by 4 percent amid the readiness of its ultimate controlling shareholder, Oleg Deripaska, to reduce his stake in the company to less than 45 percent in exchange for the United States easing its sanctions against it, according to Moscow Exchange (MOEX) data.
Earlier in the day, The Financial Times reported that En+ had provided the US Treasury with the final version of a plan designed to lift the US sanctions against the group. Deripaska currently owns some 70 percent of En+, but the plan will see him transfer part of his shares to Russias VTB bank.
As of 08:29 GMT, the company's depositary receipts have grown by 4.11 percent to 281.5 rubles ($4.15).
In early April, the United States imposed new sanctions against Russia, affecting a number of key businessmen and companies controlled by them. Deripaska's En+ Group and aluminum giant Rusal were among the companies and individuals put on the list. After the billionaire's companies saw their share prices collapse, the businessman stepped down as director of Rusal, and left En+ Group's board of Directors.
