PRESS: Almar plans to hold IPO despite sanctions

MOSCOW, Jun 15 (PRIME) -- Almar, diamond producer established by former employees of ALROSA, has not abandoned plans to hold an initial public offering (IPO) despite sanctions, CEO Andrei Karkhu told business daily Kommersant on Wednesday.

According to Karkhu, the company plans to spend all income from the placement on investment.

"After looking at how the company develops and assessing the new geopolitical risks and sanctions, we understood that these factors are not crucial enough to outweigh the development speed factor," he said.

Almar held a private share offering on the SPB Exchange in December, after which the share of the largest shareholder Lyudmila Nikolayeva, wife of the head of the Yakutia republic, decreased to 32.37% from 40%. The company plans to launch production of diamonds in 2024.

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