The Supervisory Board of PJSC ALROSA at its meeting on December 10 will consider its withdrawal from Non-State Pension Fund Almaznaya Osen (Diamond AutumnṆ).
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:
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).
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
.){kind=link}