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Govt. pockets P49 billion from De Beers Group

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Molale
Mineral Resources, Green Technology and Energy Security minister, Eric Molale, says in the last five (5) years, Government has received as dividends from De Beers Group of Companies a sum of forty-nine billion, one hundred and one million, one hundred and fifty four thousand and nine hundred and eight pula (P 49,101,154,988). Molale made the revelations when answering question on parliament posed by Tati West Member of Parliament Biggie Butale on Wednesday. Butale had asked Molale to reveal how much government has received as annual dividends for the last five years from De Beers Group of Companies where government of Botswana holds 15% shareholding. Minister Molale indicated that all the dividends totaling P 49 billion are from De Beers adding that Debswana dividends are received from profit split of 80.8% government of Botswana and 19.2% on De Beers side. Responding to if the investment in De Beers Group of Companies is of any financial value in relation to dividend received, he said the government investments are fully financially viable. “ It should be noted that dividends are declared by the Boards of each of the companies, taking into consideration the cash needs of the business, and expectations from ongoing cash…

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