En+ Group plc said Feb. 15 that there have been no "formal decisions" over reported plans for a secondary public offering by the company.

According to recent reports, En+ Group was tapping foreign banks for the sale of US$1 billion in shares as a secondary public offering.

Some U.S. banks that worked with En+ Group on its US$1.5 billion IPO in November 2017 were said to be reluctant to participate in the share sale due to the inclusion of company President Oleg Deripaska in a U.S. Department of the Treasury list of Russian oligarchs considered close to the Kremlin.

The company said it regularly reviews its optimal capital structure and a further update will be issued when appropriate.

En+ Group has a 48% stake in United Co. Rusal Plc, one of the world's largest aluminum producers.