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December 12, 2019

ALROSA’s Supervisory Board approves a disposal of company’s stake in Almaznaya Osen Non-State Pension Fund

December 12, 2019 - The Supervisory Board of PJSC ALROSA approved a disposal of the the Almaznaya Osen (Diamond Autumn) Non-State Pension Fund shares currently owned by the company. The decision to sell this asset to a professional financial company is aimed to accelerate the fund’s further development to the benefit of its clients, including current and retired employees of the company. ALROSA, in turn, will get a positive economic effect.

The meeting of the Supervisory Board took place on December 10.

“The sale of the company’s stake in the Non-State Pension Fund to a financial company specialising in this sector will allow to manage Fund’s assets more effectively and to enable its further growth. In turn, ALROSA and its shareholders, including the Republic of Sakha (Yakutia), will receive a financial gain”, said ALROSA CEO Sergey Ivanov.

In order to ensure the protection and sustained growth of the accrued pension contributions of the Fund’s clients, ALROSA’s Supervisory Board requires potential bidders to satisfy a number of criteria. Only non-state pension funds with the highest reliability rating, substantial assets, a stable and high level of income and a relevant record of accomplishment will be invited to a closed auction by bidding.

The winner of an auction will sign a shareholder agreement, stipulating that the Almaznaya Osen (Diamond Autumn) Fund cannot be liquidated or reorganised following the sale, and its shares cannot be sold to a third party. ALROSA will retain control in relation to the most important decisions affecting the activities of the Fund as well as a representation at the Fund’s board.

As was announced earlier, the disposal of ALROSA’s shares in the Fund will not affect the fulfilment of its obligations to its clients, the vast majority of them being current and former employees of ALROSA. If the Fund’s owner changes, all the mandatory pension insurance and private pension agreements will remain in force, as required by the law.

ALROSA owns 99.75% of the shares in JSC Almaznaya Osen (Diamond Autumn) Non-State Pension Fund. The fund 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 and has five branches in Yakutia and one in Moscow. 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, most of them being current and retired ALROSA employees.




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