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. Last Updated: 07/27/2016

Basic Element to Ready IPOs

Billionaire Oleg Deripaska's Basic Element holding company, which controls the world's largest aluminum producer and the country's second-biggest automaker, said Friday it plans to have all of its units ready for initial public offerings within three years.

Individual decisions will be made on whether to go ahead with the sales once the units are prepared, Basic Element chief executive officer Gulzhan Moldazhanova said.

"We do have plans to bring all our companies into the market," Moldazhanova said. Developments can be expected in the second half of next year and "you might be surprised" by which unit is offered first, she said.

Moldazhanova's remarks suggested that the planned sale of shares in aluminum maker United Company RusAl may not be first. The company has said it plans to hold an IPO by March 2010 as part of an agreement between owners Deripaska, Viktor Vekselberg, Len Blavatnik and Swiss commodity trader Glencore International.

Basic Element expects to retain 50 percent of any unit that is listed and float on the stock market a stake of about 20 percent to 25 percent, Moldazhanovna said.

Deripaska has a fortune estimated by Forbes this year at $13.3 billion. Moscow-based Basic Element has stakes in aviation, construction, mining and resources, financial services, energy, transport manufacturing and infrastructure development.