Gupta family to sell all shares in SA

2016-08-27 17:03
Ajay and Atul Gupta. (Muntu Vilakazi, City Press)

Ajay and Atul Gupta. (Muntu Vilakazi, City Press)

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Cape Town - The Gupta family has announced its intention to sell all of its shareholding in South Africa by the end of the year.

In a statement on Saturday, it said, "Since our decision to step down from all executive and non-executive positions in all our South African business in April 2016, the local management team has grown our businesses from strength to strength, with turnover and profits showing good growth and more jobs created.

"As a family, we now believe that the time is right for us to exit our shareholding of the South African businesses which we believe will benefit our existing employees, and lead to further growth in the businesses."

The family said they were already in discussions with several prospective international buyers and would soon make further announcements.

"We believe that this decision is in the best interests of our business, the country and our colleagues," it said.


Read more on:    gupta family  |  cape town

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