Petra Diamonds Ltd. was notified on Monday that Saad Investments Co. Ltd., now holds about 65.3 million shares representing almost 36 percent of the miner's ordinary issued share capital. Petra Diamonds Limited is a Bermuda registered company and as such is not subject to the Takeover Code and 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. Saad Investments is registered in the Cayman Islands and operates out of Saudi Arabia. The company is 70 percent owned by the trustees of the Saad Settlement (Barclays Private Bank & Trust) and 30 percent by Maan A. Al-Sanea. According to the firm, its purpose is to hold and manage the offshore assets of Al-Sanea and his family. The financial arm of the company is based in Geneva, Switzerland. The Saad Group employs more than 8,000 people and activities are conducted from Al-Khobar, Kingdom of Saudi Arabia, according to its website. Petra's diamond mining operations reside in Angola, Sierra Leone, Botswana, and South Africa.
