Russia’s President Vladimir Putin has signed a decree to reduce to the state-owned stake in Alrosa to 33.001%. According to Rough & Polished, the decree was signed on May 12.
Currently, Russia has a shareholding of 43.9% in Alrosa, which means that the company can offload no more than 10.9% of its stock for public trading on the Moscow Exchange. The Ministry of Economic Development has chosen Sberbank CIB to organize the privatization of Alrosa and this decision is to be approved by the government.
Together with De Beers, Alrosa controls almost two-thirds of the diamond market. According to Mining.com, Alrosa reported recently an increase of 11% of its reserves between July 2013 and January 2015.
