UAE’s Mubadala Buys 2.6-Percent Share In En+ Group

UAE’s Mubadala Buys 2.6-Percent Share In En+ Group

UAE’s state-owned investment company Mubadala Investment Company PJSC purchased a 2.6 percent share of aluminium giant U C Rusal’s parent company En+ Group last week for an undisclosed sum.

Mubadala added the purchase to its existing 0.26 percent share. The investment firm said the move would augment its existing position in the Russian Federation.

The shares involved in the deal were sold by Polina Yumasheva, reducing her stake in En+ Group to 2.58 percent.

Mubadala also holds assets in other areas of the aluminium sector, including in Emirates Global Aluminium. It holds a share of the clean energy firm Masdar as well.

En+ Group’s executive chairman Greg Barker, Baron Barker of Battle, said the acquisition showed the strength of his firm’s sustainability initiatives.

“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.”

Mubadala’s stake in En+ Group joins several other investments in the Russian Federation. Previously the investment firm announced a US$7 billion co-investment platform with the Russian Direct Investment Fund.

Mubadala was founded in 2017 as a Public Joint Stock Company, combining Mubadala Development Company (now Mamoura Diversified Global Holding) and the International Petroleum Investment Company (IPIC). It is the parent company of GlobalFoundries, which is the second-largest semiconductor foundry by revenue on Earth.