Russian ministry seeks 50 bln rbl from selling 10.9% in ALROSA

MOSCOW, May 25 (PRIME) -- Russia’s Finance Ministry plans to receive over 50 billion rubles from selling a 10.9% stake in uncut diamond giant ALROSA and expects to sell the stake on the Moscow Exchange, Deputy Finance Minister Alexei Moiseyev said Wednesday.

“We plan to earn over 50 billion rubles,” he said.

“We believe that amid current conditions we should develop first of all Russian infrastructure, which, in our view, is fully ready for such transactions. Moreover, ALROSA already had a placement on the Moscow Exchange and the results of the placement were good,” he said.

Economic Development Minister Alexei Ulyukayev said earlier that the 10.9% stake in ALROSA could be privatized in the first half of 2016 on the Moscow Exchange.

The Federal State Property Management Agency holds 43.93% in ALROSA, the government of the republic of Yakutia holds 25% plus one share, 8% is distributed among eight Yakutia’s regions, and 23.07% is in free-float.

(67.0493 rubles – U.S. $1)

End