Gupta Sells the New Age and ANN7 to Mzwanele Manyi for South Africa

A company possessed by Mzwanele Manyi has brought Gupta-owned two media units named, The New Age and ANN7. However, these two media units are considered as the majority shareholders of Oakbay investments, but this step is only taken to save the Country economy. As per the website ,Oakbay investments declared in the statement that Manyi-owned Lodidox has brought ANN7 (Infinity Media) for R300 million and The New Age (TVA media) for R150 million. Oakbay also said that this agreement is expected to be completed over next few weeks, subject to any regulatory requirements.

Jimmy Manyi

Reason for Sale Of Two Medias

The sale arrives when the Bank of Baroda pulls over its plug on Gupta-owned companies, and after South Africa’s topmost 4 banks blacklisted the accounts of Gupta in 2016. This sale is regarded as the section of Oakbay commitment to safeguard jobs and offer certainty to over 755 hard-working employees all throughout the group and also to protect the inherent worth of the business in which they work.

Oakbay investments made this announcement on Monday, declaring that Lodidox which was owned by Mzwanele Manyi and the management team would purchase the companies. The infinity Media and TNA is sold at the rate of R450 million to Mzwanele Manyi to safeguard the job of South African people.

Under a new majority shareholder, Oakbay considers that both business along with their employees will tend to have the bright and prosperous future which they deserve for. The sale of two media units will also permit the shareholder the time to concentrate on clearing its name in the face of unproven media allegations, the firm announced.

Oakbay Delighted To Have Agreement With Lodidox

Oakbay investments acting CEO Ronica Ragavan declared that we are delighted to have agreement with Lodidox and its management team. The shareholdings sale will save the future of these businesses and help in preserving the jobs of their workers. It is known fact that both businesses are inherently well-positioned and sound for their growth in their respective market segments. Therefore, we wish to get success in future as well.

Myani revealed:” I am extremely delighted to have agreement with Oakbay and also expecting for successful completion of deal”.

“These are two powerful businesses which have fullest potential and, under the right external circumstances, can become a mounting important and relevant segment of South African media landscape.

“In addition, I am especially impressed that the shareholders of Oakbay have agreed to do a vendor financing on acceptable terms as a section of their commitment to transformation and to expedite the transformation”

Final Words:

Major shares are provided to Myani in order to protect the jobs of South Africans and for clearing the name in the face of unfounded media allegations. Both the Medias are sound financially so Manyi is delighted with the new purchases. Gupta believes that Oakbay shares will be the safeguard of the business and their employees’ job and hence offer their prosperous and bright future which they deserve for.
  • Khomotjo Movundlela

    Everybody blaming Gupta’s for corruption and they are selling their shares to save our economy.We need more business men like them, Help to our nation to become great.

  • Canisius Thobane

    755 jobs saved, and consequently, the sustenance of their families, which comes to thousands of livelihoods. This is a key take away from this. If the bank had its own way, all these livelihoods wouldhave been severely affected.

    • Vee Bamboo

      well said Canisius. At least some faction of the country is thinking about the citizens and contributing to make the scenario better.

  • Graciee

    Quite an unselfish act by the Guptas to stabilize the employment sector. As citizens, we know the struggling condition of our economy. Big step forward.

  • Mapula Masilela

    This is good news as jobs as the top priority of the youth right now. More men of power should back initiatives like these for healthy growth of the nation.