The board approved the purchase of a 50.4% stake in Sakhaneftegaz, subscribers of Yakutgazprom's additional issue of shares, 75% plus one share in Yakutskgeofizika and a proposal to pay off the debt of Sakhaneftegaz, secured by the assets of Yakutgazprom, Lenaneftegaz and Lenagaz.
The board also approved the concept for the sale of uncut diamonds on domestic and foreign markets. The supervisory board decided to consider at its next session the approach to determine the market price of a common share in a 100% package of a joint-stock company, which had been developed and submitted by the Center for Professional Valuation.
Alrosa, one of the world's largest diamond producers, accounts for an estimated 23% of the global diamond output. The company produced $2.4 billion worth of diamonds and $130.9 million worth of precious stones in 2004.
The Russian Ministry of Property has a 37% stake in Alrosa, while the Ministry of State Property Management of the Republic of Sakha holds a 32% stake, and the company's staff, 23%. Eight Yakutian regions own 8% of the company's shares.
