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Russian Prime Minister Dmitry Medvedev signed a decree approving proposals of the Economic Development Ministry for selling 10.9% Alrosa shares at a price of 65 rubles per share.
Placement of Alrosa shares on the market was quick and successful, Chairman of the Executive Board and CEO of the Moscow Exchange Alexander Afanasiev told journalists on Monday.
"The placement was quick and successful. We have seen that the quality company can have a successful placement at any time," he said.
Shares of Alrosa maintained growth on the Moscow Exchange at the level of about 2.1% after the announcement of the price of SPO offering price. Thus, as of 12:10 MSK the company’s securities grew by 2.03% (or 68.393 rubles per share).
Earlier, Minister of Economic Development Alexey Ulyukayev said on that the Russian Government offered 10.9% ordinary shares in Alrosa diamond miner for sale.
Revenues from sales will be allocated for further use within the budget expenditures framework, the Minister said.
Alrosa’s shares in free float will grow from 23% to 34% after sale of the government stake. The company is the globally largest diamond miner. Alrosa mined 38.3 mln carats of diamonds in 2015.
Alrosa is engaged in the exploration, extraction, production and sale of diamonds. It produces diamonds in the Republic of Sakha (Yakutia) and the Arkhangelsk region.
The largest shareholders of Alrosa are the Russian government (43.9%), Russia’s Republic of Sakha (Yakutia) - 25%, ulus of Yakutia - 8%.
In 2015, Alrosa produced 38.3 million carats of diamonds, sales totaled 30 million carats. Revenues from the sale of diamonds in the past year are estimated at approximately $3.4 billion.