ALROSA Supervisory Board approves withdrawal from ALROSA-Nyurba by way of its voluntary liquidation

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ALROSA

At the absentee voting on September 10, the ALROSA Supervisory Board approved withdrawal from the share capital of PJSC ALROSA-Nyurba by voluntary liquidation of the company. Consolidation of core assets on the ALROSA’s balance sheet aims at improving efficiency of their management.

In the nearest future, the matter of voluntary liquidation will be submitted for consideration to the Board of Directors of ALROSA-Nyurba, and then to the company’s Extraordinary General Meeting of Shareholders, that may take place in early November.

The company will be liquidated in strict compliance with legal requirements with the process expected to be completed by the end of 2020.According to the law, upon the completion of settlements with creditors, the remaining funds of the liquidation fund of ALROSA-Nyurba will be distributed among the shareholders in proportion to their stakes in the company’s share capital.

For reference:
Today, PJSC ALROSA holds a 97.4878% stake in ALROSA-Nyurba.The remaining 2.5122% of shares belong to minority shareholders.The shares of ALROSA-Nyurba are quoted in the open market (the equities market of the Moscow Exchange).The company’s 2018 revenue amounted to RUB 44 billion, net profit – to RUB 16.6 billion.

ALROSA-Nyurba holds two subsoil licenses (Botuobinskaya and Nyurbinskaya pipes), however it is not directly engaged in any mining operations. The whole production cycle – from geological exploration, mining and rough diamond processing to sorting, presales preparation and subsequent sales – is carried out on contract terms by ALROSA’s business units. ALROSA-Nyurba currently employs 30 people, most of whom are management staff.

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Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.

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