Alrosa CEO Trades Stock to Aid COVID-19 Relief

RAPAPORT... Alrosa CEO Sergey Ivanov has sold a portion of his stake in the company to help fight the COVID-19 pandemic.Ivanov offloaded half of his shares in the Russian mining company for RUB 18.5 million ($241,670), Alrosa said last week. The proceeds of the sale will be donated to help stem the spread of the coronavirus in the Mirny district of Yakutia, where Alrosa operates."All proceeds from the sale will be used to pay for medicines, [and] medical and personal protection equipment for the Mirny district of Yakutia," Ivanov said. "I understand that today is not an ideal moment for selling shares. However, under [the] current circumstances, the speed of procurement of scarce medical supplies becomes crucial. Paying from [my] personal account makes purchasing easier and faster."The Alrosa CEO now holds a 0.0083% stake in Alrosa. Image: Sergey Ivanov. (Alrosa)