Russia's Alrosa says plans to buy diamond polisher Kristall

Tuesday, 17 Sep 2019 

Sept 17 (Reuters) - Russia's diamond miner AK Alrosa PAO says::At its meeting on Sept. 24, Alrosa's Supervisory Board will consider the acquisition of a 100% stake in Production Corporation Kristall from the Russian Federation represented through the Federal Agency for State Property Management; .The value of the 100% equity interest in Kristall is 1.886 billion roubles ($29.30 million) as determined by an independent appraiser;.Should the Supervisory Board approve the acquisition, by the end of the year Alrosa's management will prepare and submit for consideration an action plan to develop and continue operating Kristall as part of Alrosa Group;."We expect that our efforts to merge our cutting facilities will help reduce production costs and, subject to a favourable market environment, take up a considerable share of the market for best in class polished diamonds," Alrosa Chief Executive Sergei Ivanov said in a statement.. 

Company Quote

-38.02 -1.92%
10 Oct 2019