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Guptas Sell Tegeta To A Swiss Owner For R2.9 Billion

“The sale will also allow the shareholder the time to focus on clearing its name in the face of unfounded media allegations.”

News reports have just confirmed that Tegeta Explorations, a company owned by Guptas Oakbay Investments has been sold to a Swiss owner.

Times Live and Mail & Guardian reports confirmed that Tegeta is sold to Swiss-based Charles King SA for R2.97 billion.

“The sale is part of Oakbay’s commitment to preserve jobs‚ provide certainty to over 7500 hard-working employees throughout the Group and to safeguard the inherent value of the businesses in which they work.”




“Under new ownership‚ Oakbay believes that the business and its employees will have the bright and prosperous future they deserve. The sale will also allow the shareholder the time to focus on clearing its name in the face of unfounded media allegations.” read Oakbay Investment statement.

Tegeta comprises Optimum, Koornfontein and the Optimum Coal Terminal.

“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 sale is part of Oakbay’s commitment to preserve jobs, provide certainty to over 7 500 hard-working employees throughout the Group and to safeguard the inherent value of the businesses in which they work.

“Under new ownership, Oakbay believes that the business and its employees will have the bright and prosperous future they deserve. The sale will also allow the shareholder the time to focus on clearing its name in the face of unfounded media allegations,” statement reads.

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