Industry News by Nemesis

Russia Mulls Privatization of 11% ALROSA Stake

March 2, 2016

Russia is considering privatizing a 10.9-percent stake in ALROSA, press agency TASS reported February 29, citing the nation’s finance minister. 

"We’ve discussed the potential sale of a 10.9-percent stake so that the state, including the constituent entity, could keep control of the company," Anton Siluanov was cited by the Russian news wire as saying. 

In early February, Economic Development Minister Alexey Ulyukayev named ALROSA among companies that could be privatized, the report said, adding that the Federal Property Management Agency also considers the miner ready for privatization. 

Deputy Minister of Economic Development Nikolay Podguzov told journalists Monday the country was not ruling out privatizing a stake even greater than 10.9 percent in 2017 to 2018, according to the report. 

The state owns 44 percent of ALROSA, with 25 percent held by the Republic of Sakha, or Yakutia, and 8 percent by districts of Yakutia. A further 23 percent of shares are in free float.

 

Source: Rapaport

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