25 May 2012

Sharia bank ups Diamondcorp stake

14/11/2008 Robert Tyerman

European Islamic Investment Bank (EIIB) has spent £4.8 million increasing its stake in gem miner Diamondcorp to 26.09 per cent.

The Sharia-compliant bank, which last week bought £1.8 million-worth of new shares for 9.37 per cent of South Africa-focused Diamondcorp, has paid the same price in the market to take its holding to its present level and is now the diamond hopeful’s biggest shareholder. Diamondcorp, like EIIB quoted on AIM, has appointed Robin Henshall, the bank’s head of private equity, as a non-executive director.

Henshall says EIIB has ‘confidence in the continuing development’ of Diamondcorp’s Lace mine in South Africa, which is ‘more than a year ahead of schedule’. The news has left Diamondcorp shares at 51.5p, down from their 90p 2006 float, while EIIB trades at 4.9p, against their 25p float in the same year.

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Sector: Mining

Companies: Diamondcorp , European Islamic Investment Bank

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