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The latest announcement is out from Gemfields Group ( (PLLHF) ).
Gemfields Group Limited has announced the sale of its wholly owned subsidiary, Fabergé Limited, to SMG Capital LLC for USD 50 million. This strategic move is part of Gemfields’ efforts to streamline its operations and focus on its core business of gemstone mining. The sale is expected to enhance Gemfields’ financial position, providing additional working capital for its mining operations in Mozambique and Zambia. The transaction is classified as a Category 2 transaction under JSE Listings Requirements and does not require shareholder approval. The sale marks the end of an era for Gemfields, as Fabergé has been instrumental in elevating the profile of the company’s colored gemstones. SMG Capital, led by Sergei Mosunov, plans to expand Fabergé’s presence in the global luxury market while maintaining its focus on jewelry, accessories, and timepieces.
More about Gemfields Group
Gemfields is a leading responsible miner and marketer of colored gemstones, operating the Kagem emerald mine in Zambia and the Montepuez ruby mine in Mozambique. The company holds interests in various gemstone mining and prospecting licenses across Zambia, Mozambique, Ethiopia, and Madagascar. Gemfields has developed a proprietary grading system and auction platform to ensure a consistent supply of colored gemstones to downstream markets, contributing significantly to the growth of the global colored gemstone sector.
See more data about PLLHF stock on TipRanks’ Stock Analysis page.