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State Diamond Miner Raises $1.3Bln in IPO

© "Alrosa"The Alrosa sell-off is part of the Russian government’s long delayed privatization program
The Alrosa sell-off is part of the Russian government’s long delayed privatization program - Sputnik International
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The sale of a 16 percent stake in Russia’s state-controlled diamond miner Alrosa being floated as part of a long-delayed privatization program Monday raised $1.3 billion.

MOSCOW, October 28 (RIA Novosti) – The sale of a 16 percent stake in Russia’s state-controlled diamond miner Alrosa being floated as part of a long-delayed privatization program Monday raised $1.3 billion.

Prime Minister  Dmitry Medvedev said the sale had netted the government revenues of 18 billion rubles ($565,000).

The Russian government will retain 43.9 percent of the miner as a result of the free float, while the government of Russia’s Sakha Republic will hold another 25 percent.

Senior officials have argued in favor of privatizing state companies as part of a drive to improve efficiency, and not just as an additional revenue stream.

A slowdown in the economy has caused a fall in projected government revenues and forced the Cabinet to sign off on budget cuts due to come into force next year.

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