Coal

Competition Commission conditionally approves Tegeta's Optimum Coal asset acquisition

coal.jpg

The Competition Commission has recommended that the proposed merger between Tegeta Exploration and Resources (Pty) Ltd (Tegeta) and Optimum Coal Mine (Pty) Ltd (OCM) be approved with conditions.

Tegeta is owned by Oakbay Investments (Pty) Ltd (http://www.Oakbay.co.za) and Mabengela Investments (Pty) Ltd. OCM is controlled by Optimum Coal Holdings (Pty) Ltd (OCH). Both OCM and OCH are in business rescue.

Nazeem Howa, Chief Executive of Oakbay Investments, said: “The Competition Commission’s recommendation that this deal is approved is good news for all of Optimum’s employees. As the Commission’s recommendation states, the transaction will not substantially prevent or lessen competition in the thermal coal market.

"I would also like to take this opportunity to restate our commitment to the future success of the business and to its employees. Through this acquisition we have prevented a liquidation that would have seen 3,000 people lose their jobs.”

comments powered by Disqus

RW1
R1
R1
R1

This edition

Issue 36
Current


Archive


Mining_Magazine With the increase in illegal mining operations, the need for mining equipment grows. Now what thief will legally go… https://t.co/ObdpysvRFF 11 days - reply - retweet - favorite

Mining_Magazine There's still time to secure your seat at the 2018 Tomorrow's Leaders Convention taking place at at Emperor's Palac… https://t.co/RYbHoT379O 2 months - reply - retweet - favorite

  • Ke Refiloe WagaNkau
  • Cedrick Ramaboya
  • Noluvuyo Sodela
  • Moses Matshiana