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SMR Deripaska postponed its IPO in Hong Kong

The company Strikeforce Mining & Resources (SMR), a member of the En + holding businessman Oleg Deripaska, has decided to postpone a planned initial public offering of its shares in Hong Kong until market conditions improve, said a source familiar with the situation.

The fifth volume producer of molybdenum in the world, started in the last week premarketing for placement as a result of which was hoping to fetch $ 150−200 million.

«We decided to postpone the IPO SMR to improve conditions in the market», — said the source, who declined to name himself, because he was not authorized to comment press.

«It should not come as a surprise, given recent world events. We have received positive response from investors regarding our company, industry and so on, but taking into account the situation in the markets, we are currently thinking about the question the timing of the IPO «, — he added.

The company plans to return to the placement after the market situation becomes more stable, the source said.

Another company, Deripaska's electricity En + Power, which, according to sources also planned IPO in Hong Kong this year, denied on Tuesday about messages that have already appointed banks for its organization.

«The decision to hold the IPO is not accepted and the banks did not choose the company», — said the En + Group, a division of which is En + Power.

However, three sources directly involved in the transaction, reported that the largest private electricity company in Russia is likely to appoint banks BOC International and Deutsche Bank to prepare a listing in Hong Kong, scheduled for the fourth quarter.

«The deadline may be dependent on market conditions," — said one of the sources.

According to them, placing the company can bring up to $ 1.5 billion.

En + completed the consolidation of power and coal assets on the basis of his «daughter» Evrosibenergo autumn 2009.

After consolidation of the Evrosibenergo includes controlling stakes in Irkutskenergo, the Krasnoyarsk hydroelectric power station, CHP Avtozavodskaya, marketing company Volgaenergosbyt, MAREM + and engineering company Evrosibenergo Engineering.

SMR and En + Power plans to place on the Hong Kong Stock Exchange after the main asset of Deripaska's aluminum giant Rusal, which was rescued in January, $ 2.2 billion from the placement of this exchange about 11 percent of its shares. However, since the listing of Rusal's share price fell by 24 per cent following the general weakening of markets, lower prices for aluminum and the risks associated with the company. — Reuters

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