Afanasiy Egorov, Head of press service at the administration of President and government of Republic Sakha (Yakutia), stated that the federal share of proceeds following the sale of ALROSA’s shares will be transferred to Yakutia, Fedpress.ru reported.
Afanasiy Egorov noted that the relevant issue has been already resolved in principle with some technical aspects remaining under discussion concerning methods of remitting the funds to Yakutia.
Among the proposed options there are inclusion of the funds into new edition of the Program on Development of Far East region as well as allocation of funds through Fund of Promotion of Housing Modernisation, Rossijskaya Gazeta reported. The final decision is likely to be brought after the Olympic Games in Sochi.
A total of 16% shares in ALROSA were disposed in Autumn 2013 within the scope of IPO at the Moscow Stock Exchange. Each of the government of Russia and Yakutia put for sale 7% shares in ALROSA with another 2% share was disposed by the company itself. Republic Yakutia had previously received RUB 18 billion worth of proceeds with the same amount is now awaited.
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