RAPAPORT... Petra Diamonds reported that its second-largest shareholder, Awal Bank BSC, placed 43 million shares with financial institutions for about $139 million, representing a 12 percent discount from the July 28 closing price. Awal Bank, which is owned by Saad Investments, still holds 17.8 million shares, 13.2 million of which are subject to a 90 day lock-up.
Awal Bank owned an 11.9 percent stake in Petra prior to the placement. The company's largest shareholder is Al Rajhi Holdings with a 12.9 percent stake, according to Petra's website. Petra's shares fell nearly 10 percent in London to 195.30 pence in late afternoon trading.
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