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ALROSA Business Cut-Priced by $300 Million
In the second report of the Center of Professional Evaluation, ALROSA’s business was appraised at nearly $6.1 billion, i.e. roughly $300 million less than half a year ago. The new evaluation takes into account the costs for geological survey and capital construction to be incurred in the following several years.
Although the parties concerned declined to comment on the report, the sources say the worth of ALROSA’s business was estimated at a bit less than $6.1 billion. It is $300 million below the first appraisal, which gave $6.4 billion for 100 percent in ALROSA, i.e. $32,300 a stock.
This time, however, the Center of Professional Evaluation applied the detailed method to ALROSA. In particular, this method provides for the possible discount of company’s investments in long-term projects. Moreover, the new appraisal might have also taken into consideration the costs related to geological exploration and construction of underground mines.
As to Yakutia, it hasn’t completed the appraisal of Yakutalmaz, which assets were used to set up ALROSA in early 1990’s.
In line with the policy of ALROSA’s federalization, Russia’s stake in the diamond monopoly will step up from today’s 37 percent to 50 percent plus a stock. Yakutia will have 40 percent.
De-facto though, the federal stake in ALROSA has expanded to 47 percent already. Past week, Vneshtorgbank and its agent, MAK-Bank, finalized the deal for buying out ALROSA’s stocks from the minors and consolidated the stake of 10 percent as a result. The price was 338,000 rubles a stock, which is materially below the appraised worth of the company.
www.kommersant.com
All the Article in Russian as of May 04, 2006
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