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Petra Diamonds sells Williamson stake for up to $16 million

Published 14/05/2025, 16:14
Petra Diamonds sells Williamson stake for up to $16 million
PDL
14.55%

LONDON - Petra Diamonds Limited (LSE:LON:PDL) has finalized the sale of its full interest in Williamson Diamonds Limited (WDL) to Pink Diamonds Investments Limited, the company announced on Wednesday. The deal, which includes the sale of Petra’s shareholding and shareholder loans in the entity that holds its interest in WDL, was completed for a headline consideration of up to $16 million.

The transaction was concluded after receiving approval from the Tanzanian Fair Competition Commission. According to the terms of the agreement, Pink Diamonds will pay the consideration from WDL’s distributable cash, with Petra receiving 20% of any distributable cash generated annually until the full consideration is paid. Petra plans to allocate any net proceeds from the sale for general corporate purposes.

Joint Interim CEO Vivek Gadodia expressed gratitude towards the Government of Tanzania for their support since Petra’s acquisition of its interest in WDL in 2009 and acknowledged the Tanzanian Fair Competition Commission’s approval of the transaction. Gadodia also stated that Petra determined it would be beneficial for WDL to be under consolidated ownership and extended best wishes to Pink Diamonds for the future management of the mine.

The company confirmed that there has been no material change affecting any matter contained in the announcement relating to the transaction released on January 22, 2025. This sale is part of the company’s strategic efforts to optimize its portfolio and strengthen its financial position. The information is based on a press release statement from Petra Diamonds Limited.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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