Industry News by Nemesis

ALROSA Privatization Planned for July, Potential Brexit Impact

June 29, 2016

The privatization of Russian diamond mining giant Alrosa is planned for July, reports Reuters. Russian news agency RIA Novosti says it received this information form Russian investment bank Sberbank CIB, which is organizing the deal. 

 

According to RIA, Sberbank CIB also said Brexit could theoretically influence the timing of Alrosa's privatisation if the situation on markets worsened. 

 

The Russian government aims to get more than $928.98 million (60 billion roubles) from the sale of a 10.9% stake in ALROSA. ($1 = 64.5870 roubles).

 

Last week however, according to Russian news agency Sputnik, Russian Economy Minister Alexei Ulyukayev said he did not think Britain's vote to leave the European Union would influence Russia's privatization program. "I do not see how it can affect [ministry forecasts]," Ulyukaev told reporters when asked to comment on the influence the Brexit referendum could have on the ministry’s macroeconomic forecasts, including on oil prices and capital outflows.

 

The Russian government plans selling shares in Rosneft, Bashneft, VTB, Alrosa, and Sovkomflot. Russia’s Finance Minister Anton Siluanov said privatization of Rosneft, Bashneft and Alrosa should be completed before the year end.

 

Source: The Diamond Loupe

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