Alrosa Diamonds Refinances Debt; Kerimov Urges Sale of Alrosa
Bloomberg reported Suleiman Kerimov urged the government to offer 51 percent of diamond miner OAO Alrosa under its asset sale program. The Russian state-owned diamond company Alrosa announced that it had wiped $100 million worth of debt and refinanced the remaining $400 million that it owes to the VTB Bank, Rough & Polished reported.
As quoted in the market news:
Kerimov aimed to buy the controlling stake in Alrosa, merge it with BHP Billiton Ltd. (BHP)’s diamond assets and hold a public offering of shares in the combined company, the Moscow-based newspaper said.
Alrosa said March 16 its board recommended a gradual sale of the state’s interest, starting with a 14 percent stake.
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