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. Last Updated: 07/27/2016

Hong Kong Listing Rumored for En+ Power

Tycoon Oleg Deripaska wants to list his electrical power assets in Hong Kong, banking sources familiar with the deal said Monday, in a follow-up to the debut of United Company RusAl, which has left some investors with a paper loss.

Deripaska is looking to list En+ Power — the power division of his holding company En+ Group — later this year, the sources said.

RusAl — the world's largest aluminum firm in which Deripaska still holds a major stake — was the first non-Asian company to float in Hong Kong in an initial public offering in January.

Its shares have since lost about 22 percent from the IPO price of 10.80 Hong Kong dollars ($1.39) because of global market jitters, investors' exodus from risky assets and a fall in aluminum prices.

One of the sources said Deripaska was hoping to raise up to $1 billion from the En+ Power listing, nearly half the $2.2 billion raised from the IPO of RusAl.

En+ Power operates 14 power stations located in Siberia — including Krasnoyarsk and Bratsk hydroelectric power plants, ranked among the 10 biggest in the world — and the Volga region with a total established capacity of roughly 19,500 megawatts.