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ALROSA Earns Majority Share in Airport from Subsidiary Transfer

By Dialog NewsEdge Posted: 10/13/2006

(RAPAPORT) Prime-Tass, MOSCOW: Russia's uncut diamond company ALROSA obtained a 51 percent stake in the Ust-Kut Airport in the Irkutsk Region from its subsidiary Alrosa-Lena, ALROSA reported in a statement October 13, 2006.
While ALROSA holds majority share in the airport it was not clear who holds the remaining 49 percent stake.

Alrosa-Lena transferred the stake in order to redeem its debts to ALROSA. No financial details of the deal were provided.

Alrosa-Lena specializes in cargo transportation by Siberia's Lena River.

ALROSA produces 99 percent of all rough diamonds in Russia. The Russian government is expected to bring its stake in ALROSA to 50 percent plus one share -- up from 37 percent -- before the end of 2006.

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