Oakbay Investments owned by Gupta’s is set to auction both of its media units – The New Age (TNA Media) and ANN7 (Infinity Media) to an agency named ‘Lodidox’ which is claimed by Mzwanele Manyi, as reported on Monday.
Oakbay is all set to sell its shareholdings in Infinity Media that run ANN7 TV News for R300-million and on the other hand, its 66% stake will be sold out for R150-million in TNA Media, the The New Age publisher.
This Oakbay Investment’s decision comes during the time when the Bank of Baroda is getting ready to shut all the account of Gupta-owned companies, consequently leaving the Oakbay Investments with no saving accounts in SA. The Bank of Baroda has followed the pace of SA’s top major 4 banks to boycott the Guptas possessed groups’ accounts, under the wrong pretense of ‘suspicious exchanges’. However, these banks are yet to give legitimate approvals and confirmation against their affirmations of the alleged suspicious exchanges.
The Guptas have made this ethical move to auction their media units as a part of Oakbay’s commitment regarding the protection of jobs and give conviction to more than 7,500 dedicated representatives (mostly South African locals) throughout the group and to shield the natural estimation of the companies in which they work.
Oakbay Investments acting CEO Ronica Ragavan said, “We are pleased to achieve an agreement with ‘Lodidox’ and the management team; our shareholding sale will secure the eventual fate of these companies and help protect the occupations of their workers”.
The deal will also permit the investor (the Oakbay) an opportunity to concentrate on clearing its identity in the face of unfounded media affirmations, the firm said.
Oakbay truly believes that under another majority shareholder ‘Lodidox’ which is owned by Manyi, the two companies and their workers will have brilliant and prosperous future they deserve.
On this Manyi said, “I am pleased to have an agreement with the Oakbay and look forward finishing the deal”.
“These are two strong companies which have full potential and, under the correct outside situations, can become an undeniably vital and relevant part of the South African media landscape.“
Moreover, “I am especially inspired that the investors of Oakbay have consented to do a vendor financing at relevant terms as per their commitment regarding change and to facilitate the transactions.”