Sperrgebiet Diamond Mining deal details emerge

October 11, 2022

Global Emerging Markets Group (GEM) is reported to have paid close to a billion Namibia dollars according to Bloomberg for a 78% shareholding in Sperrgebiet Diamond Mining after an equity transaction with founding Namibian shareholders, Lewcor Holdings and its minority partners, David Sheehama and MSF Commercials as part of a capital raising initiative.

The transaction which was announced in June and reported by The Brief, was approved by the Namibian Competition Commission and the Minister of Mines and Energy, and resulted in the GEM obtaining a 78% shareholding in SDM, with Namibian shareholders retaining 22% inclusive of an Employees Trust shareholding of 2%.

The deal was announced as the company, in quarter four 2022, is gearing up to start up operations at Elizabeth Bay diamond mine acquired by SDM in 2020 from Namdeb.

SDM is a Namibian company that owns a combination of four onshore and offshore diamond mining licences in the restricted diamond areas around Luderitz, with its main land-based operation located at Elizabeth Bay mine.

GEM is a controlling shareholder in Zimbabwe’s RioZim, which has an interest in Murowa Diamond Mine and the Namibian transaction was part of its move to expand into Africa.

Global Emerging Markets (GEM) is a US$3.4 billion alternative investment group that manages a diverse set of investment vehicles focused on emerging markets across the world.

 

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Last modified on Friday, 14 October 2022 18:08

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