Investec Group Limited of Botswana purchased more than 7.5 million shares in African Diamonds, representing 10.09 percent of the issued share capital. Botswana based investors now hold more than 15 percent of the company, according to African Diamonds.
John Teeling, chairman of African Diamonds, said, "Over 10 percent of African Diamonds is a significant commitment and is very positive news for our shareholders insofar as knowledgeable investors on the ground in Botswana see value in our shares."
Botswana holds the "best diamond exploration address in the world" and Orapa (diamond mine) is the "best street," Teeling said. "African Diamonds intends to be a significant diamond industry player in its own right in Botswana."
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