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By
Reuters
Published
Mar 1, 2012
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Russia Econmin says Yakutia, govt to sell 7 pct Alrosa stakes

By
Reuters
Published
Mar 1, 2012

MOSCOW - Russia's Yakutia region is ready to sell a 7 percent stake in state-owned diamond miner Alrosa together with a second 7 percent stake held by the Russian government, an official at the Economy Ministry said on Thursday.

"It is our understanding that the republic (of Yakutia's) leadership is ready to sell a 7 percent stake together with us," said Alexei Uvarov, the deputy head of the ministry's property department.

The Russian government holds a 50.9 percent stake in the firm, which competes with De Beers for the position of the world's biggest diamond miner. Yakutia, also known as the Sakha Republic, holds a 32 percent stake and municipalities within the region own another 8 percent.

Alrosa said last year that it wanted to list a 25 percent stake this year in order to raise $1.5-$2.0 billion. (Reporting by Gleb Stolyarov, writing by Alfred Kueppers; Editing by Andrey Ostroukh)

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