Govt rebuffed offer to up stake in De Beers

Mokaila
Mokaila

Government has declined an offer to buy a pro-rata 10 percent of the Oppenheimer family’s shareholding in De Beers five years ago.

In 2011, Anglo American bought the Oppenheimer family’s 40 percent stake in De Beers for $5.1 billion in cash, ending the dynasty’s 80-year ownership in the world’s largest diamond miner.

The transaction increased Anglo’s holding in De Beers to as much as 85 percent, with the remainder held by government.

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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