Disposal of Optimum’s RBCT stake speculative
Denials regarding a proposed sale of the Gupta-owned Optimum's share of Richards Bay Coal Terminal appear to contradict an announcement from the Burgh Group and Vitol
The proposed sale of the Gupta-owned Optimum Coal’s share in the privately owned Richards Bay Coal Terminal (RBCT) could not be confirmed, and no such application had been put to the other shareholders of the terminal, departing chairman Mike Teke said on Tuesday. This appears to contradict an announcement from the Burgh Group and global commodities traders Vitol six months ago that they had agreed to buy Optimum’s interest in the terminal for an undisclosed sum. It was speculated at the time the funds would be needed to assist the politically connected Gupta family to raise funds to pay Glencore the R2bn purchase price for Optimum Coal. RBCT was built 40 years ago and is owned by SA’s major coal exporters, including Anglo American Coal, Glencore and South32. It is 32.53% black-owned.
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