The diamond mining giant is arranging investor meetings in the United States and the United Kingdom next month in preparation for the government's sale of a 10.9% stake in the firm, a Sberbank executive said on Friday. The Russian government aims to bank more than $900 million from the sale on the Moscow Stock Exchange later this year, Reuters reported.
The aim of the US and UK meetings is "to invite a wide range of those who are interested in (privatisation)", Sberbank First Deputy Chairman Maxim Poletayev told reporters. State-controlled lenders Sberbank and VTB are among the organizers of the investors' meetings. Russia plans a major privatization campaign this year in a bid to raise cash and prevent the budget deficit bursting through the target level of 3% of gross domestic product.