Alro owner to gain $94m from London Stock Exchange floatation

Vimetco Swiss company (the former Marco Industries), the majority shareholder in Alro Slatina (ALR) aluminium producer, expects to derive gross gains worth around $94m (almost 70m euros) from the sale of global depositary receipts (GDR) on the London Stock Exchange. The main shareholder of Vimetco is Russian businessman Vitali Masitski, owning 60% of the company’s stock, according to Bloomberg. Vimetco set the price for the initial offering on the London Exchange, destined to institutional investors, at 9 dollars per GDR, which entails a market capitalisation of $2bn (1.48bn euros), according to a company statement quoted by Mediafax. Gross aggregate revenues from the deal are put at $515m (318m euros) and $593m in case investors use the over subscription option.