Irish diamond company lists on Botswana stock exchange

Irish diamond firm, African Diamonds has announced it will commence trading on the Botswana Stock Exchange on March 3, 2004.

The company becomes the first diamond company to list on the Botswana Stock Exchange.

African diamonds said that rationale behind this secondary listing is that it will facilitate Botswanan investors while demonstrating the company's commitment to the country.

It also said that it would provide a new market for African Diamonds shares as well as a potential source of funds for new projects.

No new shares will be issued.

John Teeling, Chairman of African Diamonds, said: "We are the first diamond company to list in the world's top diamond producing country. We expect to be in Botswana for a long time.

"We are expanding our ground holdings and increasing exploration commitment. Our results to date give us every hope that we will move into development. Having a strong local shareholder base will help us in our dealings with the authorities and in fundraising".