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Lungelo Shezi, htxt
27 Aug 2016 17:02
The controversial family said it believes now is the right time to exit its shareholding of the local businesses, a move which will benefit its employees and lead to further business growth, it added. (Gallo)
The controversial Gupta family, which has shares in a string of businesses in South Africa, including Sahara Computers, has announced it will be selling all shares it owns in the country.
The announcement was made in a statement released on Saturday afternoon.
“We announced today our intention to sell all our shareholding in South Africa by the end of the year,” the Guptas, originally from India, said.
“Since our decision to step down from all executive and non-executive positions in all our South African business [sic] in April 2016, the local management has grown our business from strength to strength, with turnover and profits showing good growth and more jobs created,” it went on.
The family has shares in JIC Mining Services, Shiva Uranium, The New Age Newspaper, ANN7 TV, among others, through its holding company, Oakbay Invesments.
The family said it believes now is the right time to exit its shareholding of the local businesses, a move which will benefit its employees and lead to further business growth, it added.
The last year hasn’t been a very good one business-wise for the Guptas, after suffering numerous setbacks due to their perceived corrupt meddling in political affairs and their suspicious relationship with President Jacob Zuma and his son, Duduzane Zuma, who happened to be a co-shareholder with the family in a handful of ventures.
By April, FNB had joined a wave of financial firms which had withdrawn from offering its services to Oakbay Investments.
In June, Sahara Computers reportedly began retrenching some of its employees due to the pressure from critics.
“We are already in discussion with several international prospective buyers and will soon be in a position to make further announcements. We believe this decision is in the best interest of our business, country and colleagues,” the Guptas concluded.
This story originally appeared on htxt.africa and is reproduced using a Creative Commons 4.0 BY NC SA licence.
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