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ALROSA to Proceed with IPO no Sooner Than May 2013

14 march 2012

ALROSA’s IPO will not be possible any earlier than May next year, said Igor Kulichik, the company’s Vice President and Chief Financial Officer, according to Finmarket.ru.
"Given the time frame and the possibility of government regulations, we believe that the transaction cannot take place any earlier than May next year," Kulichik said.
He recalled that at the moment Russia and Yakutia are discussing how to float 7% of each party’s stakes held in ALROSA (making 14% in total), but so far there are no legislative solutions either from the Russian Federation or Yakut governments. "If in the course of negotiations Yakutia’s Ministry of Property, the Russian Federation Agency for State Property Management, Ministry of Finance and Ministry of Economic Development will come to terms that will satisfy both sides, then perhaps the deal will result in 7% of ALROSA’s shares privatized from the Russian Federation’s stake and 7% from Yakutia’s stake," the company’s CFO said.
In any case, Russia and Yakutia will jointly have more than 50%, according to Kulichik.
The company's Supervisory Board to be held on March 16 may consider the particulars of privatizing ALROSA.
The Ministry of Economic Development and ALROSA’s management offered to float a 14% stake in the diamond miner (7% from the federal block of shares and 7% from that of Yakutia) within an IPO to be held on MICEX-RTS. Earlier it was planned that the IPO could take place in late 2012 - early 2013. The diamond miner’s placement may reach at least $1 billion, according to investment banks and consultants (JP Morgan, Goldman Sachs and VTB Capital). Having sold 7% of ALROSA’s shares each, Russia and Yakutia will retain 44% and 25% respectively in the company capital.