EuroSibEnergo, a power utility controlled by Oleg Deripaska, the Russian metals tycoon, has postponed its Hong Kong listing until it finalises a deal to sell a cornerstone stake to China’s Yangtze Power.
EuroSibEnergo was expected to embark on a roadshow on Monday to promote its initial public offering in Hong Kong but decided to shelve the listing until at least the first quarter of 2011, according to banking sources in Moscow.
In a deal that is intended to give momentum to the IPO, China Yangtze Power has promised to invest $168m when the listing takes place next year, according to a person familiar with the company.
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