Russia-Japan Investment Fund took part in En+ IPO

Interfax, 06.12.2017

MOSCOW. Dec 6 (Interfax) - The Russia-Japan Investment Fund (RJIF), founded by the Russian Direct Investment Fund (RDIF) and the Japan Bank of International Cooperation (JBIC), has invested in Oleg Deripaska's En+ Group, RDIF said.

The Russia-Japan fund took part in the En+ Group IPO alongside the RDIF and leading Middle Eastern funds in November 2017, a statement said. En+ Group exports a significant volume of goods to Japan, the fund said.

The company conducted its IPO on the London Stock Exchange for a total of $1.5 billion. The company itself raised $1 billion with the other $500 million going to Deripaska.

An Interfax source had earlier said that RDIF and its partners had bought company depositary receipts worth tens of millions of dollars.

Yesterday, in a meeting with Russian President Vladimir Putin, RDIF chief Kirill Dmitriev said that the Russia-Japan fund had also invested in Transneft (MOEX: TRNF).

The RDIF head did not give a figure as to how much the Russia-Japan fund had invested in Transneft, but Deputy Energy Minister Alexei Teksler had previously said that it would be around $150 million. Based on the market price of Transneft preferred shares and the dollar exchange rate, $150 million would buy around 3% of preferred shares.

Total investment for both the Russian-Japan fund and RDIF in Transneft and En+ is over 10 billion rubles, RDIF said.

In addition, RDIF is in the process of concluding a deal on investment in a Russian manufacturer and distributer of medicines. The deal is expected to be closed by the end of 2017, RDIF said in a statement.

In April this year the acquisition of a 10% stake in Russian pharmaceuticals company R-Pharm by Japan's Mitsui for $200 million was announced. The buyer has an option to increase its stake to 20%. The Russia-Japan Investment Fund is planning to invest in R-Pharm together with Mitsui, Dmitriev had previously said.