GOLDNET.MARKET - “We want and are working to provide business with the opportunity to develop a lot of activity areas”

Today, almost all jewellery companies have their own wholesale websites, online stores, and social media pages. But a year ago, GOLDNET.MARKET, the first jewellery wholesale marketplace appeared in Russia, a new effective tool for the jewellery market...

Yesterday

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The government of Yakutia does not see any obstacles to the sale of ALROSA shares from the stock held by this republic

10 february 2012

The government of Yakutia is consulting with the Ministry of Economic Development and Federal Property Management Agency for the sale of some part of ALROSA stock owned by this republic and does not see any obstacles to the sale of 7% of ALROSA shares from the stake held by Yakutia, RIA Novosti reported.
"Basically, we are not worried about this, and if it is necessary for the development of the economy as a whole, we, as I think, shall go further along this scheme,” said Alexey Struchkov, First Deputy Chairman of the Government of the Republic of Sakha (Yakutia), at a press conference held at RIA Novosti. “The government of the republic is currently carrying out consultations with the Ministry of Economic Development and Federal Property Management Agency on how to implement the order [of the Russian government – Editor’s note]."
ALROSA is included in the forecast privatization plan. Previously, Alexey Uvarov, Director of the Property Relations Department at the Ministry of Economic Development, informed reporters that it had been planned to sell 7% of the federal stake in ALROSA and 7% of the stake held by Yakutia in 2012. Today, the Federal Property Management Agency has a 51% stake in the diamond company, the government of Yakutia - 32%, and another 8% belong to eight Yakut uluses (municipalities). In December 2010, Yakutia’s parliament approved the amendments, under which the stake held by the republic cannot be less than 25% plus one share.
On one occasion Alexey Uvarov said that in the near future it would be decided to exclude ALROSA from the list of strategic enterprises, which will permit to carry out privatization. However, he noted then that "coordinating the sale of shares, which belong to the Federal Property Management Agency, and a package that belongs to Yakutia appears to be a much more complex process" because, according to him, the leadership of Yakutia believed that ALROSA was at the time not ready for privatization.
Speaking at the press conference Alexey Struchkov, First Deputy Chairman of the Government of Yakutia, also stressed the need to maintain state control over the company. "When we have a company that turns out nearly a quarter of the world’s diamond output, after all, in my opinion and in the opinion of the State, it would be wise to keep the company in state ownership," he said.
Preparation for a possible public offering of ALROSA’s shares on a stock exchange (IPO), or privatization began as early as last year. In the spring of 2011, ALROSA completed the transformation from a closed to an open joint stock company and split its stock into smaller denominations to make its shares more affordable to investors. At the end of the year, ALROSA gained access to trading on MICEX as non-listed company.