Gupta company still hunting for a JSE sponsor

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Gupta firm, Oakbay Resources is still looking to a sponsor for its listing on the JSE.

In an update to shareholders the company said that it had missed the deadline to find a new sponsor, but it was “actively engaging” with the JSE over the matter.

According to the JSE listing requirements, Oakbay had 30 business days to find a new sponsor on the effective date of its previous sponsor’s resignation.

The group’s previous sponsor, Sasfin, resigned from the position effective 1 June 2016, following a massive blowout scandal involving the Gupta family and allegations of state capture.

Sasfin, along with KPMG, Absa, Nedbank, FNB and Standard Bank all closed business and various accounts associated with the family, amid accusations that the family had been using its friendship with president Jacob Zuma to secure lucrative tenders and influence the appointment of senior government officials.

With the banks and finance groups pulling the plug, Gupta-affiliated businesses such as Oakbay Investments and Oakbay Resources were effectively cut off from doing business in South Africa.

“Subsequent to Sasfin’s resignation, the Company has successfully appointed a new JSE-accredited auditor, published reviewed financial results for the year ending 29 February 2016 and anticipates publishing its 2016 integrated annual report on or before 31 August 2016,” Oakbay said.

“Furthermore, the Company has largely stabilised its transactional banking capabilities and made significant progress in achieving its business objectives.”

However, despite the progress, the company has bemoaned being unable to get a new sponsor, “despite remaining compliant with the JSE Listing Requirements.”

JSE sponsors are normally corporate brokers, banks and other professional advisers, and must undertake to the JSE that they accept certain responsibilities, namely to assist with applications and to provide advice, on a continuing basis, regarding the application of the Listings Requirements.

The sponsor is also a liaison between the company and the JSE – and any new sponsor will have to assess and deal with any concerns flags raised by the previous sponsor when it resigned. Failure to get a new sponsor could see the company delisted.

“The Company continues to proactively and positively engage with the JSE with regard to the process of appointing a JSE accredited sponsor, and shareholders will be advised accordingly with regard to any further developments in this regard,” it said.

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