Arab Today, arab today russia to sell 14 of alrosa on moscow exchange
Last Updated : GMT 21:53:08
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Russia to sell 14% of ALROSA on Moscow Exchange

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Arab Today, arab today Russia to sell 14% of ALROSA on Moscow Exchange

Moscow - Itar-Tass

Russia’s leading diamond producer ALROSA will offer 14 percent of its shares on the Moscow Exchange this autumn, Olga Dergunova, a spokesperson for the Federal Agency for the Management of Federal Property, said. In March 2012, the company’s supervisory board approved the main parameters of a possible sale of 14 percent of shares (to be offered in equal 7-percent portions by its main shareholders: the federal government and Yakutia). “No decision [on the dates] has been made so far but we think it can be the end of the third quarter or the fourth quarter,” Dergunova said. The Russian government has named Goldman Sachs as an investment bank that will organise the privatisation of federally-owned 7 percent of Russia’s leading diamond producing company ALROSA. The Federal Agency for the Management of Federal Property was instructed to make a contract with the bank within seven days. G.P. Morgan Bank International and Morgan Stanley Bank competed along with Goldman Sachs. ALROSA’s shareholders are the federal government (50.9256 percent of shares), the Republic of Sakha (32.0002 percent), eight districts of Yakutia (8.0003 percent), and other legal entities and individuals (0.0739 percent). In March 2012, the company’s supervisory board approved the main privatisation parameters for 14 percent of shares (7 percent owned by the federal government and 7 percent by Yakutia). ALROSA accounts for 25 percent in the global diamond production in terms of value (18 percent in 2002). It is among the top ten of Russia’s most efficient enterprises. The company accounts for 94 percent of Russia’s overall diamond output. ALROSA’s probable reserves make up about one third of the world’s diamond resources. About 95 percent of the ALROSA total diamond production (in terms of value) are gem and near-gem quality diamonds. The company has its own advanced exploration complex enabling it to maintain and expand its proven reserves. In 2011 ALROSA Group enterprises diamond production amounted to 34.6 million carats. Following the results of the year, ALROSA Group aggregate rough diamond sales totalled 4,454.8 million US dollars, which is a record-breaking amount throughout the company\'s history. ALROSA’s cutting and polishing branch Brillianty ALROSA produces and sells some 140 million US dollars’ worth of polished diamonds on an annual basis.

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