Mmegi

Gov't budgets P890m for HB deal

Sealing deals: Masisi has said HB has significant upside value and can help the country’s downstream diamond dreams PIC: HB ANTWERP
Sealing deals: Masisi has said HB has significant upside value and can help the country’s downstream diamond dreams PIC: HB ANTWERP

The Finance ministry is setting aside P890 million for the deal to purchase a 24% equity stake in HB Antwerp, draft budget estimates published on Tuesday indicate.

While Finance Minister Peggy Serame revealed on Monday that the HB deal was one of three strategic acquisitions government was budgeting for in the 2024–2025 financial year, she did not give specifics of the amounts involved.

However, the draft budget estimates published indicate that government intends to pay P890 million or $65.1 million for the stake in the Belgian diamond trader.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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