Wednesday, October 30, 2013

All that glitter

And all they got was a lousy $1.3 billion;
Russia’s diamond monopoly Alrosa has completed its IPO on the Moscow Stock Exchange, pricing at the bottom of the range at 35 rubles ($1.1) per share. The company sold 16 percent of its shares for a total of $1.3 billion. 
The future looks bleak, as they admit it's;
 ...a disappointing re-start of the government's privatization drive. Earlier earmarked to sell up to $50 billion worth of state-owned shares, that program has been on hold for much of this year due to the poor performance of Russian equities.
The finance ministry had originally planned to see revenue of $13.5 billion from equity sales in 2013, but trimmed its forecast to just $1.5 billion. 
Shouldn't be too hard to reach that; a few freight cars of vodka?

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