ALROSA CEO sells half of stake in company to help region

MOSCOW, Apr 3 (PRIME) -- Sergei Ivanov, CEO of Russian diamond mining giant ALROSA, has sold half of its stake in the company, reducing it to 0.00415% from 0.0083% for 18.5 million rubles to help the republic of Yakutia to fight the coronavirus outbreak, ALROSA said in a statement on Friday quoting Ivanov.

“Yesterday I sold half of the stake I owned in ALROSA. All the money that I raised from the deal will be allocated to procurement of medicine, equipment, and protective gear for the Mirninsky District of Yakutia. I understand that this is not the best time to sell shares, but procurements should be as swift as possible under the current conditions. It is easier and faster to buy medical goods that are in deficit using personal money,” he said.

The Federal State Property Management Agency owns 33.02% in ALROSA, the republic of Yakutia has 25% plus one share, regions of Yakutia where the company operates own a total of 8%, and free-float is around 34%.

(77.7325 rubles – U.S. $1)

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