Russian official against ALROSA privatization on low market

VLADIVOSTOK, Mar 25 (PRIME) -- Privatization of Russian uncut diamond monopoly ALROSA is unreasonable in the current market situation, Deputy Prime Minister Yury Trutnev, presidential envoy to the Far East Federal District, told reporters Friday.

“This issue is still being discussed. I’ve expressed my opinion. The first thing – I see nothing bad in selling the shares… The second thing – I believe that now is not the best time. It is possible to sell. But why sell it now, at the bottom of the market? Isn’t it possible to wait? It is… It’s a strange idea,” he said.

Finance Minister Anton Siluanov said earlier that the government discussed selling 10.9% in ALROSA to keep control over the company with the government. Economic Development Minister Alexei Ulyukayev said that a sale of either 10.9% or 18.9% in ALROSA was possible.

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

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