Coal is loaded onto a truck at the Woestalleen colliery near Middleburg in Mpumalanga province, in this September 8, 2015 file photo. REUTERS/Siphiwe Sibeko/Files
Briefs
Oakbay concludes $145m Optimum Coal deal despite banking cloud
Oakbay Investments concluded a $145 million takeover of Glencore's Optimum Coal Holdings, according to business rescue practitioners of the coal firm.
Nazeem Howa, CEO of Oakbay Investments. Pic: Waldo Swiegers / Bloomberg
JOHANNESBURG, April 14 (Reuters) – 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.