Shares in Petra Diamonds, one of SA’s major sources of diamonds, crashed by more than 17% after unveiling a debt restructuring plan with its lenders that could diminish shareholders' ownership in the company to a tiny fraction.

The transaction to save London-listed Petra could result in the existing shareholders’ stake in the miner falling to 9% of the enlarged number of shares in issue as lenders in a debt-for-equity swap take 91% ownership...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now