VTB Gets Stake in ALROSA
Russia’s diamond giant, ALROSA, has a new holder. Vneshtorgbank (VTB) has bought out ALROSA’s stocks from MAK-Bank, a subsidiary bank of ALROSA, and is expected to acquire new stocks of the diamond monopolist to be released on behalf of Russian and Yakutia’s governments.
“Indeed, VTB is today’s holder in ALROSA,” said Maxim Kasatkin, 1st deputy board chairman at MAK-Bank. VTB got the stocks from MAK-Bank under the agency agreement of February, Kasatkin specified, declining to disclose the share.
To begin with, MAK-Bank could have sold to VTB its 0.53 percent in ALROSA. Then, the VTB’s stake could have stepped up for the account of the stocks that MAK-Bank was first buying on the market by order of the parent company, ALROSA (roughly 85 percent in MAK-Bank), and then selling to VTB.
MAK-Bank has been buying ALROSA’s stocks since February 21. The target is to extend the federal stake in the diamond monopoly to 50 percent plus a stock. The stake of Yakutia is expected to go up to 40 percent. In addition to MAK-Bank’s market activities, ALROSA will release new stocks that will be bought out by governments of Russia and Yakutia. The emergence of the VTB as a holder means it will pay for ALROSA’s federalization and become one of its key operators.
www.kommersant.com
All the Article in Russian as of Mar. 27, 2006
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