Oakbay, a renowned company by Gupta family in South Africa has taken a step forward to work for the development of South Africa as well as for its employees & people. Oakbay Investments (“Oakbay”) declared that they planned to sell its Tegeta Exploration and Resources business (“Tegeta”).As per the website WMCleaks, Oakbay investments owned by Gupta has already started to proceed their action in selling their media business also. Moreover, this is another high-profile sale declared by the group during their week.
Real Sacrifice of Gupta For South African Nation
Oakbay has stipulated that the purchaser protects employment in mines. In addition to that, the agreement has stipulated that the purchaser has to have to provide minimum of 30 % of shares to black empowerment partner. This is revealed as another sacrifice of Gupta for their business to safeguard more jobs in South Africa.
From this you can reveal who is a real South African. On one side SiphoPatayana sacrifices about 8500 jobs to safeguard his business while on the other side, Gupta sacrifices his business to save jobs and to assist South African economy & sustainability. So far, white mining firms were against mining charter and on the other side, Guptas takes care of South African blacks and their welfare.
Rupert and his paid media are Gupta’s determined enemies who were out to take his life and only this was the reason behind to sell the assets. Many times its been proved when Boss of WMC “Rupert” advised to his paid media to circulate the news of fake emails however it’s not proved yet, when the paid campaign (to defame the Gupta’s and his work) was disclosed, and so fourth. But now Gupta and his family proved themselves to be a true South African and the best well wisher of the country when they even didn’t think for a minute to sign the deal on low prices just saving the jobs and life of people.
The decision was taken to preserve jobs, to safeguard over 7500 hard-working employees all over the group and to protect their passion and core value of business. Through this new arrangement, Oakbay owned Gupta trusts that the new system will prosper the business to a greater height and its employees also have good life. Usually white media provide allegation against Gupta and this decision will assist them to clear their name and display the real intention of a true South African.
Commenting on the agreement, CEO of Oakbay investments Ronica Ragavan said:” The sale of Tegeta indicates a further step forward in providing our strategy of protecting jobs by safeguarding the future of businesses which we have developed and grown. Tegeta is a powerful business and the Charles king company will be a right new owner. We wish a bright future for both of them”.
Mr Amin Al Zarooni, the owner of Charles King SA while commenting on the agreement, said: “Chances in South Africa mining sector are extremely attractive and we have been expecting for long-time invest in Rainbow nation. Once we brought the business, we will favour for black economic empowerment partner. Mining is the wonderful growth sector on content and with this attainment; our expansion will also planned accordingly”.
Gupta Concerns about South Africa Welfare:-
Tegeta, encompassing of Koornfontein, Optimium and the Optimium Coal Terminal, has exposed higher revenue after its rescue and reforms from the financial and now, all these firms are set on a sustainable path to perform and include profit. Some of the key factors of this business includes of:
- To safeguard jobs of its loyal employees, Oakbay has decided to sell Tegeta to Swiss-based Charles King SA for Rand 2.97 billion
- This procedure will take around 12 months time and subject to regulatory requirements and the execution of the benefit of staff and employees
- Guptas major concern is to protect employees working in mines and also allocated 30% of shares for black empowerment.