PIO Guptas sell mining unit Tegeta for 2.97 billion rand
23 Aug 2017 10:59 PM IST
Johannesburg: South Africa's beleaguered Indian-origin Gupta family has sold its mining unit Tegeta for South African rand 2.97 billion, their company said on Wednesday.
The "decisive action" by the family's Oakbay Investments to sell its Tegeta Exploration and Resources business comes just two days after it sold its media holdings comprising the daily newspaper The New Age and the TV channel ANN7 for South African rand 450 million.
"In order to preserve the employment of its loyal staff, Oakbay has agreed to the sale of Tegeta to the Swiss-based Charles King SA for South African rand 2.97 billion," the company statement said.
"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," it said. The decision came amid growing concerns among employees that they might not get paid next month after all local banks refused to deal with the Gupta family and its businesses.
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