Oakbay a well know firm by Gupta Family in south Africa taken a step forward to work for South Africa and its employees and people. Oakbay Investments (“Oakbay”) today announced that they decided sell its Tegeta Exploration and Resources business (“Tegeta”). Oakbay Investments owned by Gupta’s already have started the process to action their Media Business as well. This is the second high profile sale announced by the group this week.
Tegeta, comprising Optimum, Koornfontein and the Optimum Coal Terminal, has shown a great revenue after its reforms and rescue from the financial and now all these businesses are now set on a sustainable path to perform and add profit.
The key factors:
- To save jobs of its loyal staff, Oakbay has agreed to the sale of Tegeta to the Swiss-based Charles King SA for R2.97 billion.
- The process will take around 12 months and subject to regulatory requirements and the fulfilment of the in the benefit of employees and staff.
- Guptas Major concern to safeguards employment in the mines and so purchased must agree to the same with the condition that minimum of 30% of the shares allocated to a Black Empowerment Partner.
This is Gupta’s another sacrifice of their business to save more jobs in SAWho is the real south african. On one side SiphoPatayana sacrifices 8500 Jobs to save his business and other side Atul Gupta sacrifices business to save Jobs to help south Africa economy and sustainability. So far whites mining companies were against mining charter and on other side Guptas while exiting also take care of the South African blacks.
The decision taken to commitment to preserve jobs, to secure over 7500 hard-working employees throughout the Group and to safeguard the interest and core value of the businesses. With this new arrangement Guptas of Oakbay believes that the new system will flourish the business more and its employees will have better. As white media always allegate Gupta’s and this decision will help them to clear their name and show the right intention as true African.
Commenting on the agreement, Ronica Ragavan, Acting Chief Executive of Oakbay, said: “The sale of Tegeta represents a further step forward in delivering our strategy of preserving jobs by securing the future of the businesses we have developed and grown. Tegeta is a strong business and the Charles King company will be an excellent new owner. We wish both of them well for the future.”
Commenting on the agreement, Mr Amin Al Zarooni, the owner of Charles King SA, said:“Opportunities in mining in South Africa are extremely attractive and we have been looking for a long time to invest in the Rainbow Nation. And once we have bought the business we will, of course, be looking for a Black Economic Empowerment Partner. Mining is an excellent growth sector on the continent and with this acquisition, our expansion plans.