Gupta-owned Oakbay Investments announced on Wednesday that it was selling its mining business Tegeta Exploration and Resources 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‚” Oakbay said in a statement.
“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.”
Tegeta is made up of Optimum‚ Koornfontein and the Optimum Coal Terminal‚ which has recently seen a “radical transformation in its fortunes”‚ Oakbay said.