UC Rusal, the Russian aluminium group controlled by Oleg Deripaska, is close to removing the last big obstacle to its landmark $2bn initial public offering on the Hong Kong stock exchange.
Rusal, which had hoped to complete its IPO before Christmas, is rushing to register its prospectus this month, after which it would have 30 days to launch the first IPO by a Russian company in Hong Kong.
But Hong Kong Exchange and Clearing's listing committee, which vets IPO applications, has expressed concerns about a $4.5bn loan from VEB, the state-owned Russian bank chaired by prime minister Vladimir Putin, that Rusal must pay back by November 2010.
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