Cape Town – Oakbay Resources and Energy has officially been given permission to voluntarily delist from the JSE after failing to secure a transfer secretary and sponsor.
Its last day of trading will be on July 18 and its termination date on the JSE board will be on July 24, it said in a statement on Tuesday.
The delisting will come as a blow to the Industrial Development Corporation (IDC), which has a 3.6% stake in the firm. The Guptas owned most the firm.
There are concerns about whether the IDC has the ability to recover its funds, following the conversion of a R256m loan to Oakbay into equity, corporate finance principal at Bravura Capital Melanie De Nysschen told Fin24.
The delisting announcement comes after Oakbay’s key service providers required by the JSE cut ties with the company and after final attempts failed to either retain or find a new sponsor and transfer secretary.
Terbium Financial Services said it would terminate its role as Oakbay’s JSE transfer secretary on 31 July, while River Group terminated its role as its JSE sponsor in June.