Gov't Agree To Spend P1 Bn On De Beers Debt

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 Oppenheimer family hold a 45 percent and 40 percent stake respectively.