S.Africa's Gupta-owned Oakbay completes $145 mln Optimum deal - CNBC Africa

S.Africa's Gupta-owned Oakbay completes $145 mln Optimum deal

Southern Africa

by Reuters 0

PHOTO: Flickr

South African's Oakbay Investments has concluded a 2.1 billion rand ($145 million) takeover of Glencore's Optimum Coal Holdings, business rescue practitioners of the coal firm said on Thursday.

The finalisation of the deal comes as Oakbay scrambles to restore banking relationships after all four major South African banks cut ties over criticism that its owners, the Gupta family, have undue political influence with President Jacob Zuma.

 

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