Russian President Vladimir Putin has demanded the stake sale of the country’s state-run firms to be carried out on the Moscow Exchange. The move is said to hold the flotation and also reducing the considerations from other markets including London, New York or Hong Kong.
Alrosa chief executive Fyodor Andreev was reported by Reuters as saying that the share placement is scheduled for late October or early November.
Andreev further added that the stake sale is planned to draw in wide range of investors, thereby reducing the chances of large strategic shareholdings.
The final approval to proceed with the sale is expected to be secured by 25 June 2013. Alrosa, meanwhile, estimates a net profit of $1bn for the fiscal 2013 and revenues of $4.5bn.
Besides, the company is also planning to raise further $1.15bn through sale of its Russian gas assets by the end of 2013 to better its financial standing, Andreev revealed.
