Russia Takes Control of Alrosa by New Stock Issue

Other stock recipients include the Sakha republic and the eight districts in which it mines diamonds in Sakha.

Russia has been planning for a couple of years to gain a ‘50 percent plus one share’ holding of Alrosa. Sakha will have a 40 percent stake in the company and Vneshtorgbank will transfer all its shares to the federal government.

The share issuance, announced Monday, will be paid for with property owned by Alrosa.

According to Alrosa president Sergei Vybornov, the company is considering a public stock offering.