Alrosa to Switch Shares

Alrosa may allow shareholders to exchange one share for more than 27,000 with a lower face value to boost the "investment attractiveness" of the diamond miner and ease investor access to the stock, company spokesman Andrei Polyakov said Friday.

Alrosa, the world's biggest diamond miner by output, plans to raise as much as $3 billion in an initial public offering of shares next year, chief executive Fyodor Andreyev said in March.

While Alrosa shares currently have a face value of 13,500 rubles ($478) each, they trade unofficially for about 350,000 to 800,000 rubles apiece, he said.

(Bloomberg)

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