Petra Diamonds Limited is pleased to announce the appointment of Dr. Omar Kamal as non-executive director of the Company with immediate effect. Dr. Kamal is a Managing Director of Al Rajhi Holdings W.L.L. (“Al Rajhi”), Petra’s largest shareholder with 18.1 per cent. of the Company’s issued share capital.
Petra also announces that Volker Ruffer has retired as non-executive director of the Company with immediate effect. Mr. Ruffer has served on the Petra Board since the Company was admitted to trading on AIM in 1997 and has overseen the development of Petra from an exploration company to a significant rough diamond producer, with a diversified portfolio of six diamond mines. The board would like to thank Mr. Ruffer for his valued input over these important, formative years.
The appointment of Dr. Kamal is further to the exercise by Petra of an option to acquire Al Rajhi’s 37 per cent. interest in the Cullinan mine (the “Option”) announced on 18 December 2009; increasing Petra’s direct ownership in the mine to 74 per cent. One of the terms of the Option was the entitlement for Al Rajhi to appoint a director to the Petra board (whilst Al Rajhi’s holding in Petra is greater than 10 per cent.). Prior to this, Dr. Kamal served as a Board Member on Cullinan Investment Holdings Limited (the joint venture vehicle that holds Petra’s interest in the Cullinan mine) alongside Petra’s representatives to the Board.
At Al Rajhi, Dr. Kamal is responsible for identifying, managing and participating in strategic investments and joint venture projects. His current portfolio includes investments across various sectors/asset classes such as mining and minerals, financial institutions and international equities.
Prior to joining Al Rajhi, Dr. Kamal was Executive Vice President and Head of Investments Group for a Bahrain-based investment/commercial bank with an international reach. He was part of the bank’s Executive Committee and served as an active Board Member for a number of companies. His portfolio mainly included real estate assets (in Bahrain and the Asia Pacific Region) and alternative energy related projects (Asia Pacific Region).
Prior to that, he headed the Islamic Financial Services Group as a Partner at Ernst & Young. He has been involved in an advisory capacity with leading financial institutions and regulatory bodies to assist in the development of the Islamic finance industry. Dr. Kamal possesses both practical as well as academic experience in Islamic finance.
Johan Dippenaar, CEO of Petra, commented on the appointment: “We are delighted to welcome Dr. Kamal to our Board, further cementing our strong partnership with the Al Rajhi group. He brings a wealth of financial expertise to the Company and we look forward to working more closely with him as we continue to develop the Petra group as a leading rough diamond producer.”
Petra Diamonds is a leading supplier of rough diamonds. A number of acquisitions have established Petra as one of the world’s largest independent diamond groups by resources, with a gross resource base of 262 million carats. Petra increased its annual production fivefold in the year to June 2009 to over 1 million carats and the Company’s objective is to continue to increase supply and develop its stature as a world-class diamond group.
In South Africa, Petra has interests in five producing mines – Cullinan, Koffiefontein, Helam, Sedibeng and Star – and has also agreed to acquire the Kimberley Underground mines from De Beers (this acquisition is expected to complete soon). In Tanzania, Petra has an interest in the Williamson mine.
Petra’s mines are noted for the production of valuable diamonds, but in particular the Cullinan mine is famed as the source of the largest gem diamond ever found. More recently, in May 2009 The Star of Josephine, an internally flawless, fancy vivid blue diamond of 7.03 carats from the Cullinan mine, sold for US$9.4 million (US$1.35 million per carat), and in September 2009 The Cullinan Heritage, a white diamond of over 507 carats, was recovered.
Petra conducts all its operations according to the highest ethical standards, and will only work in countries which are members of the Kimberley Process.
The Company is quoted on the AIM market of the London Stock Exchange (AIM: PDL).
Related posts:
- Petra Diamonds Limited Raises US$120 Million
- Petra Diamonds Limited Plans to Take Production from 1 Million Carats to 3 Million Carats per Annum by 2019
- Petra Diamonds Completes Second Tranche of Placing to Raise Total of $120 Million; Increases Ownership in Cullinan Diamond Mine to 74%
- Non-Executive Director of Petra Diamonds Limited Passed Away
- Petra Has Option to Increase Ownership in Cullinan to 74%
