Further to the announcement made on 22 January 2025, Petra announces that it has completed the sale of its entire shareholding in the entity that holds Petra’s interest in Williamson Diamonds Limited (WDL), together with all the shareholder loans such entity owes Petra, to Pink Diamonds Investments Limited (Pink Diamonds) for a headline consideration of up to U$16 million (the Transaction).
The Transaction was completed following receipt of approval from the Tanzanian Fair Competition Commission.
The consideration for the Transaction shall be payable by Pink Diamonds out of WDL’s distributable cash, with 20% of any distributable cash generated annually payable to Petra until the consideration is fully paid. Petra intends to use any net proceeds received from the Transaction for general corporate purposes.
Vivek Gadodia Joint Interim CEO commented: “We would like to thank the Government of Tanzania for their partnership and support since Petra acquired its interest in WDL in 2009 and to the Tanzanian Fair Competition Commission for providing their approval of the transaction. Petra concluded it was preferable for WDL to come under consolidated ownership, and we wish all the best to Pink Diamonds as they take over the mine.”
There has been no material change affecting any matter contained in the announcement relating to the Transaction released by the Company on 22 January 2025.
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