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RAPAPORT... ALROSA sold its 99.74 percent stake in the ALROSA Insurance Company to SOGAZ Insurance Group. The companies signed a share purchase agreement today following an open auction and ALROSA received payment of $13.4 million (RUB 620 million).
The insurance business was considered to be a non-core asset for the diamond-mining giant and the change in ownership will not affect outstanding insurance contracts, according to ALROSA. The insurance arm offers coverage to retail clients and corporations, including ALROSA and its subsidiaries.
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