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ALROSA to Increase Its Stake in PJSC ALROSA-Nyurba
ALROSA holds 87.48 per cent of shares in PJSC ALROSA-Nyurba.2.523 per cent of shares belong to minority shareholders. A 10 per cent -stake belongs to JSC RIC Plus controlled by the Government of the Republic of Sakha (Yakutia).
By: Diamond World News Service
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Jul 14 2018 10:13AM
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Reference: 16510  

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At the absentee voting on July 10, ALROSA Supervisory Board resolved to increase the Company's stake in PJSC ALROSA-Nyurba up to 97.48 per cent by purchasing 10 per cent of shares.

ALROSA holds 87.48 per cent of shares in PJSC ALROSA-Nyurba.2.523 per cent of shares belong to minority shareholders. A 10 per cent -stake belongs to JSC RIC Plus controlled by the Government of the Republic of Sakha (Yakutia). This stake is included in the forecast plan for the state property privatization in Yakutia, and the Republic is planning to use the proceeds from the sale to support and develop local producers of goods, works and services, develop and improve the competitiveness of strategic and core enterprises, and implement investment and socially significant projects.

The transaction will amount to about RUB 12 billion based on an independent appraiser's report. The shares purchase procedure is expected to be finalized by September 2018.

Upon the purchase of 10 per cent of shares, ALROSA will consider the possibility of the second stage of integration - joining of PJSC ALROSA-Nyurba to the Company to cut administrative and management costs, centralize and improve management system and avoid duplications of functions.

PJSC ALROSA-Nyurba holds licenses for the development of Nyurbinsky and Botuobinsky deposits in Yakutia.Nyurba Mining and Processing Division ALROSA carries out mining at these deposits on a contract base. In 2017, Nyurba Mining and Processing Division mined 7.7 million carats, or 19% of ALROSA Group production.

Besides, first Deputy Chairman of the Government of the Russian Federation - Finance Minister of the Russian Federation Anton Siluanov was elected as Chairman of ALROSA Supervisory Board. Supervisory Board members adopted a relevant decision at absentee voting on July 10. The Board also elected members of special-purpose committees, including the Audit committee, composed of independent directors only.

Anton Siluanov has been the Chairman of ALROSA Supervisory Board since 2015.

Yegor Borisov, Counselor of State of the Republic of Sakha (Yakutia), has been elected as First Deputy Chairman of the Supervisory Board.Sergey Ivanov, ALROSA CEO, has been elected as Deputy Chairman of the Supervisory Board.

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