JSE grants request by Gupta-owned firm for voluntary suspension
The Oakbay board says it’s in the best interests of the company and shareholders that the listing of its securities is temporarily suspended.
JOHANNESBURG - The Johannesburg Stock Exchange (JSE) has granted a request by the Gupta-controlled Oakbay Resources and Energy for voluntary suspension of its listed securities.
The board says it’s in the best interests of the company and shareholders that the listing of its securities is temporarily suspended.
Oakbay Resources has been battling to keep a JSE sponsor with continued questions around state capture and the Gupta family.
It was reported earlier this month, that Oakbay Resources and Energy would report a loss of nearly a billion rand.
This was due to an R880 million impairment recorded against its Shiva Uranium mine due to low prices and falling output.
Oakbay Resources is run by Oakbay Investments with the shareholders being the controversial Gupta family.
The country’s major banks closed the accounts of Oakbay Resources, which came with the withdrawal of its JSE sponsor following then Public Protector Thuli Madonsela’s State of Capture report.
The company has also seen a high turnover of executives and a falling share price.
(Edited by Zamangwane Shange)