print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all ALROSA press releases

ALROSA

December 6, 2019

ALROSA Supervisory Board to consider disposal of Non-State Pension Fund Almaznaya Osen

December 6, 2019 - The Supervisory Board of PJSC ALROSA at its meeting on December 10 will consider its withdrawal from Non-State Pension Fund Almaznaya Osen (Diamond Autumn).

The Joint Stock Company Non-State Pension Fund Almaznaya Osen was established in 2015 via reorganization of Non-State Pension Fund Almaznaya Osen, which had been set up in 1995. The Fund is engaged in non-state pension provision and mandatory pension insurance activities. The Fund has six (6) affiliates in Mirny, Lensk, Aikhal, Udachny, Yakutsk and Moscow. 99.75% of the Fund’s shares are held by PJSC ALROSA. At present, the Almaznaya Osen fund provides non-state pension provision services to nearly 29 thousand clients and more than 34.7 thousand of mandatory pension insureds.

Sergey Ivanov, ALROSA CEO:
– First of all, I would stress that potential disposal of ALROSA-held shares of the Fund will in no way affect performance of obligations towards the customers, the majority of which are retired and current ALROSA employees. In case the owner changes, all mandatory pension insurance contracts entered into by and with the Almaznaya Osen customers as well as non-state pension provision contracts will remain valid as required by the law and will have full force and effect without any changes or limitations.

It should be also noted that ALROSA will retain control of the most significant decision-making processes of the Fund. According to a shareholder agreement that will be signed at the Fund disposal, Almaznaya Osen will not be subject to winding up or reorganization, likewise no shares of the Fund will be allowed for sale to any third party. Furthermore, ALROSA Group will be represented in the Board of Directors of Almaznaya Osen. The Group’s consent will be required for approval or any modification of the Fund’s investment policy.
ALROSA’s management rationale for the potentional disposal of Almaznaya Osen Fund is as follows.

First, non-state pension provision and mandatory pension insurance are far from being core businesses of ALROSA. Efficient management of such specific business requires specific competences from the shareholder. Clearly, professional participants of this market are better equipped in this field than ALROSA.

We are interested to see a company with a relevant core business as a strategic investor of the Almaznaya Osen Fund. It must be a big and reliable company, which understands specifics of pension market and will be able to efficiently manage and develop this business for the benefit of Almaznaya Osen’s clients. From its part, ALROSA warrants that it will continue to meet all obligations concerning corporate pension schemes and non-state pension provision contracts signed with its employees.

Second, under ALROSA’s ownership the Fund has already reached its maximum within ALROSA Group. We believe that its further growth is possible only under a new ownership.

Finally, in case the relevant decision is made, a disposal of the Fund shares will have a significant economic benefit for ALROSA and its shareholders, including the Republic of Sakha (Yakutia).

More information will be provided after the Supervisory Board meeting.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer