The London Stock Exchange Group PLC (LSE.LN) said Tuesday that it will suspend trading in EN+ Group PLC ENPL at 1615 GMT Wednesday unless the company can get an extension to the sanctions imposed by the U.S. Treasury.
EN+, a U.K.-listed holding company that owns 48% of aluminum giant United Co. Rusal PLC (0486.HK), said Friday that it had submitted a formal request to the Office of Foreign Assets Control of the U.S. Treasury Department to extend its General License 13 to Oct. 31.
The company said at the time that it was seeking an urgent response by OFAC and that, without an extension, its ability to maintain its listing on the London Stock Exchange will be materially impacted.
EN+ Group said its majority shareholder Oleg Deripaska has agreed in principle to reduce his interest to less than 50% and to resign from the board.
License 13 authorizes U.S. persons to engage in certain limited activities and transactions involving the company, and expires on May 7, the company said.
The London Stock Exchange said Tuesday that it will continue to monitor the situation and is in communication with the U.K. authorities.
Dimitrios Kontos contributed to this article.
Write to Ian Walker at [email protected]; @IanWalk40289749