Abu Dhabi sovereign investor Mubadala Investment Company said it acquired a 2.6 per cent stake in En+, a low-carbon aluminium and hydropower producer.
Following the deal, Mubadala's total ownership in En+ stands at 2.86 per cent, the company said in a statement on Wednesday. It did not disclose the value of the deal.
The company is a "market leader in the clean energy and aluminium sectors" and will add value to the Abu Dhabi company's portfolio in Russia, Faris Al Mazrui, head of Mubadala’s Russia & CIS Investment Programme, said.
Mubadala, which has an asset base of Dh894 billion ($243.6bn), has significant stakes in clean energy company Masdar and Emirates Global Aluminium, one of the biggest aluminium producers in the world.
En+, which is listed on the Moscow Stock Exchange with global depository receipts also listed on the London Stock Exchange, has a controlling interest in Rusal, the world's third-biggest aluminium producer behind China's Chinalco and Hongqiao Group.
The shares were sold by Polina Yumasheva, whose stake in the company decreased to 2.58 per cent, from 5.19 per cent previously, the company said in a filing to the LSE.
En+, which declared a net profit of $1.02bn in 2020 on revenue of $10.36bn, said that demand for primary aluminium is estimated to grow by 5 to 6 per cent this year as economic activity gradually resumes.
In the longer term, it expects the acceleration of green technology trends to help drive aluminium demand over the coming years.
"Mubadala, which is committed to investments with positive and lasting impact, provides a further vote of confidence in the group’s ambitious strategy to lead our sector into the low-carbon economy,” Lord Barker of Battle, executive chairman of the En+ Group, said.
Mubadala has a number of investments in Russia and has previously announced a partnership with the Russian Direct Investment Fund to form a $7bn co-investment platform.
The five pillars of Islam
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Uefa Champions League play-off
First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev
Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax
