Alrosa sets up African asset manager

Deals

Russian diamond monopoly Alrosa has decided to set up a 100% subsidiary in the form of a holding to run its assets in Africa, the company announced.

The new St. Petersburg-based holding will manage Alrosa's assets in Angola, develop cooperation with diamond companies in other African countries, work on new investment projects, and cooperate with diamond trading companies. Alrosa's board also decided to close branches in Belgium and Israel, where the company has retail subsidiaries that can carry out the branches' functions.

Alrosa, which accounts for 25% of global diamond output, reported earnings of $2.86 billion last year. Its shareholders are the Federal Property Fund (37%), legal entities (23%), and authorities in diamond-rich Yakutia region (8%). (rian.ru)

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry