Saad Raises Petra Holding to 44%

Saad Investments Company, part of the Saudi Arabian Saad Group, has increased its holding in diamond miner Petra Diamonds Limited to 81,010,794 ordinary shares, representing approximately 44.03 percent of Petra's ordinary issued share capital. 

Petra is a Bermuda registered company and therefore not subject to the Takeover Code, the company noted. “Accordingly there is no obligation for a mandatory offer under the Rules of the Takeover Code by any shareholder increasing their holding above 30 percent of the Company's issued share capital,” it added.

The Saad Group is involved in a wide range of activities in the Persian Gulf region and beyond. This includes civil engineering, banking, education, healthcare, real estate, information technology and travel & tourism, according to the firm’s web site.

Petra’s revenues from rough diamond sales in the second half of 2008 increased 52 percent to $48.1 million. Its gross diamond production is estimated to total 528,636 carats, a 422 percent year-over-year increase.