2nd Oct 2026 13:07
(Alliance News) - Petra Diamonds Ltd on Friday said HM Revenue & Customs has advertised a winding-up petition against one of its non-operating subsidiaries over GBP5.6 million in unpaid corporation tax.
Shares in the company fell 17% to 4.40 pence in London on Friday afternoon.
The diamond miner said the petition relates to Petra Diamonds UK Treasury Ltd, a wholly owned indirect subsidiary, and concerns GBP5.65 million in corporation tax for the year ended June 30, 2025.
The tax liability arose from interest income accrued on a receivable due from Ealing Management Services (Proprietary) Ltd, another wholly owned indirect subsidiary. Petra said Petra Diamonds UK Treasury has not received the accrued interest.
The company filed the petition with the court, with a hearing scheduled for October 14.
Petra stressed that both subsidiaries are non-operating and neither owns nor operates any of its mining operations.
The company said the petition relates solely to Petra Diamonds UK Treasury and does not directly affect the group's mining operations.
However, Petra said it is assessing the implications for its financing arrangements and ongoing refinancing discussions.
Petra's portfolio includes the Cullinan and Finsch underground diamond mines in South Africa, with Cullinan its principal operating asset. Finsch entered business rescue in May.
By Eva Castanedo, Alliance News senior economics reporter
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