Guptas selling Tegeta
Gupta-owned Oakbay Investments has reached an agreement to sell its Tegeta mining interests to Swiss-based Charles King SA for R2.97 billion.
Tegeta has been at the centre of state capture allegations involving Eskom.
Oakbay says the decision to sell Tegeta forms part of its commitment to preserve 7500 jobs throughout the group.
Tegeta, which comprises of Optimum, Koornfontein and the Optimum Coal Terminal, survived business rescue less than a year ago.
It hopes to wrap up the sale in the next 12 months.
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"The sale is subject to regulatory requirements and the fulfilment of the conditions in the agreement which are expected to be concluded within 12 months. Oakbay has stipulated that the purchaser safeguards employment in the mines. Additionally‚ the agreement has stipulated that the purchaser must have a minimum of 30% of the shares allocated to a Black Empowerment Partner," the company says.
Earlier this week, Oakbay also confirmed the sale of both ANN7 and the New Age.
Both businesses were sold for R450m to former government spokesperson Jimmy Manyi.
At the time Oakbay also gave the preservation of jobs as a reason for its decision to sell the two news outlets.