Industry News by Nemesis

Russia considers sale of 11-18 pct of Alrosa

February 7, 2016

Russia is considering the sale of a stake of between 11 and 18 percent in state diamond monopoly Alrosa, a company source said on Friday.


"It's a budgetary process. The proceeds from the sale are accounted in the budget for 2016. So sale could be in 2016," a the source said during a visit to India's financial capital Mumbai.


"Discussions are going on to sale 11 to 18 percent stake," added the source, who requested anonymity, adding it was up to the main shareholder to decide whether the stake would be sold to domestic or foreign investors.


President Vladimir Putin's government has recently flagged its intention to sell down its state holdings to plug a hole in its public finances caused by the collapse in the price of oil, its main export.


Source: Reuters

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