23/04/2014 - 15:16

Kahlbetzer buys into Lucapa

23/04/2014 - 15:16

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Argentinian-born agricultural tycoon John Kahlbetzer has purchased a 5 per cent stake in Subiaco-based Lucapa Diamond Company.

Lucapa Diamond's operations in Angola

Agricultural tycoon John Kahlbetzer has purchased a 5 per cent stake in Subiaco-based Lucapa Diamond Company.

The 82-year-old Mr Kahlbetzer is worth about $755 million, according to Forbes, and has large agricultural holdings in Australia which are part of his Twynam Agricultural Group.

According to documents lodged with the Australian Securities Exchange, Twynam purchased 250 million shares in Lucapa for $1.5 million on April 11.

The stake represents 5.23 per cent of the issued capital in the Angola-focused diamond explorer, which is headed by former Kimberley Diamond Company executive Miles Kennedy and chaired by Rio Tinto’s former diamonds boss Gordon Gilchrist.

In recent years Twynam has sold down its agricultural assets including the $303 million sale of water rights to the federal government in 2009, as well as more than $200 million worth of land.

The group has instead turned to the property development sector, with the purchase of modular home manufacturer Quicksmart Homes, as well as the resources sector, with investments in companies including the former ASX-listed UCL Resources.

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