The Republic of Sakha (Yakutia) agreed to sell its stake in ALROSA in parallel with shares owned by the Russian Federation, according to a recent statement of Alexey Uvarov, Director of Property Relations at the Ministry of Economic Development, cited by RBC.
“The government of Yakutia is ready to sell its shares in ALROSA along with our 7-percent interest,” Uvarov said.
He explained that the Russian government owns a bit more than 50% of shares in the diamond mining company, while the list of strategic assets delineates 38% of the company’s shares. Accordingly, we can sell 12% of ALROSA shares, which will not affect the list of strategic assets.
As it was previously reported, the Supervisory Board of ALROSA is expected to consider the issue and privatization options in mid-March, 2012. The Ministry of Economic Development and the company’s management discussed the option of floating 14% of ALROSA’s shares in 2012 (7% from the federal stake and 7% from the stake owned by Yakutia). The company expected to finalize preparations for an IPO in 2012.
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