Oakbay Takes Another Decisive Action To Save Employees' Jobs
Oakbay Investments ("Oakbay") today announced that it has reached an agreement to sell its Tegeta Exploration and Resources business ("Tegeta").
Tegeta, comprising Optimum, Koornfontein and the Optimum Coal Terminal, has recently seen a radical transformation in its fortunes. Emerging from business-rescue less than a year ago, the three businesses are now set on a sustainable and profitable trajectory.
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 R2.97 billion.
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.
Oakbay has stipulated that the purchaser safeguards employment in the mines.