ALROSA Against Redistribution Of Its Shares In Favor Of Federal Center

The redistribution of shares of the ALROSA diamond cutting company in favor of the federal center will cause financial losses for the company. President of ALROSA Vyacheslav Shtyrov declared this at a meeting of labor groups in Mirnoye, while commenting on plans of the Russian Property Ministry to redistribute ALROSA's shares. According to him, ALROSA is against such decision of the federal center to redistribute an 8% stake in the company, which belongs to the regional administration of Yakutia. "We think we shouldn't do anything about the shares. Everything was done in accordance with legislation enforced at that time," Styrov added. As of now, a 32% stake in the company belongs to ALROSA, 23% - to its employees, 8% - to the Yakutia administration and 5% - to the Social Security Fund for Servicemen under the government of the Russian Federation.