JOHANNESBURG – The Gupta family’s holding company Oakbay Investments announced on Wednesday that it reached an agreement to sell its Tegeta Exploration and Resources business.

Tegeta which comprises three coal mines, was sold to the Swiss-based Charles King SA for R2.97-billion.

It comes just after the company announced the sale of its media companies, television news channel ANN7 and The New Age newspaper to businessman, Mzwanele Manyi this week. 

In a statement, Oakbay said the Tegeta sale is to save the jobs of employees. 

More to follow. 

eNCA