Supervisory Board of ALROSA moved its meeting to March

The meeting of the Supervisory Board of ALROSA, the largest diamond producer in Russia and in the world, scheduled for February 24 was deferred to March, the company’s spokesperson told the PRIME News Agency.
The agenda of the meeting was supposed to include a plan to float some part of the state-owned stock in the company with a view to its IPO on MICEX-RTS. In this way the Supervisory Board could approve the options of the proposed transaction and give its own recommendations.
ALROSA’s spokesperson would not comment on the agenda of the upcoming meeting, saying only that it could take place in the middle of the next month.
The Russian government intends to float some part of the state-owned stake in ALROSA in 2012-2014 (7% of the federal stake and 7% of shares held by Yakutia), so that it could completely withdraw from the company’s capital by 2017. In December 2010, Yakutia’s Parliament approved the amendments, under which Yakutia’s stake in the company could not be less than 25% plus one share (now 32%). The Russian Federation owns 50.9% in the authorized capital of the company, while eight Yakut uluses (districts) own 8% and other shareholders - about 9%.
ALROSA accounts for about 30% of the world’s diamond production. The diamond miner’s output is expected to reach 34.5 million carats in 2011. According to the budget for 2011, the ALROSA Group’s sales amounted to $4.42 billion. In 2012, ALROSA plans to sell rough and polished diamonds worth about $5.07 billion.

RIA Novosti