Gov`t Agree To Spend P1 Bn On De Beers Debt

source: Mmegi
Brian Benza
Staff Writer

The cash-strapped government has agreed to spend US$150 million((P1 billion) in helping to cut De Beers’ debts which currently stand at $3 billion.

According to a statement from the mining company, Government and the two other shareholders in De Beers, Anglo American Corporation and the Oppenheimer family, have agreed to pump US$1 billion(P6.7 billion) into the company through a rights issue as additional equity capital in proportion to their existing equity holdings in the company.

Government has a 15 percent stake in De Beers, while Anglo American Corporation and the [continue reading]

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