(Alliance News) - Petra Diamonds Ltd on Friday said it has put itself up for sale in a bid "to maximise value to its stakeholders".
The diamond miner in South Africa and Tanzania said it is "focused on exploring all options" at its disposal in relation to repaying its outstanding USD650 million 7.25% notes which are due in May 2022.
Parties interested will receive "certain publicly available" information on Petra as part of the first phase of the process. The company and its advisers will then determine which interested parties then move to the second phase of the process.
"There can be no certainty that any offer will be made for Petra or for any parts of the business or assets of the group, nor that any transaction will be executed, nor as to the terms of any such offer or transaction," Petra said.
Petra shares closed 3.3% higher at 2.17 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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Petra Diamonds (PDL)