United Company RUSAL, International Public Joint-Stock Company (SEHK:486) intent to announce the spin-off of high carbon assets on May 19, 2021. A newly created entity consisting of UC RUSAL's higher carbon assets, including alumina refineries located in Russia (Achinsk, Pikalevo, Bogoslovsk and Ural) and smelters in Bratsk, Irkutsk, Novokuznetsk, Volgograd and Kandalaksh will be formeda, which will undertake a long-term modernization programme. Under the transaction, NewCo will be a public company in the Russian Federation which is listed on the Moscow Exchange, and NewCo's shares to be allocated on a pro rata basis to all UC RUSAL shareholders. New company will change its name to AL+. The proposed demerger remains subject to necessary corporate approvals, approval by regulatory bodies and consultations with key stakeholders. The proposed demerger includes engaging with the HKSE, the Moscow Exchange and relevant stakeholders. Demerger plan has been approved by the board of directors of United Company RUSAL. As of November 1, 2021, EN+ group IPJSC and SUAL Partners Limited, the two largest shareholders of aluminum producer United Company RUSAL, announced their joint support for de-merging Rusal's high-carbon businesses. Transaction is expected to close by first quarter of 2022. As of November 1, 2021, the transaction is expected to complete in the second half of 2022.