Industry News by Nemesis

Kristall to be Sold to ALROSA by the End of 2019

September 15, 2019

The Federal Agency For State Property Management (FASPM) plans to close the deal on the sale of Kristall shares to the Russian diamond mining company Alrosa by the end of the year, Vadim Yakovenko said on Monday to TASS.


“We are also working on the sale of shares of JSC Kristall to Alrosa.


Vertical integration of the two companies will contribute to the development of the diamond cutting industry, as a result of the transaction we will concentrate the necessary competencies in Alrosa, which will increase the competitiveness and investment attractiveness of the combined company. We plan to close the deal by the end of the year,” he said in an interview with the agency.


Earlier it was reported that ALROSA was ready to sign an agreement on the acquisition of a 100% stake in the Kristall cutting and polishing division in the fourth quarter of 2019, however, the Ministry of Finance of the Russian Federation decided to submit the issue to the company's supervisory board.


The company cuts and polishes about 300,000 carats per year and generates a profit of about $ 200 million.

 

Source: Rough&Polished

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