The South Africa-focused company said reports circulating online that the company’s controlling shareholder, GMR Energy, was seeking to dispose of its stake were untrue.

“Homeland has been advised that there is no basis for these statements or for any quotes attributed to representatives of GMR Energy,” officials said.

India-based GMR, according to a report earlier this month on Indian news blog Deal Curry, was reportedly planning an exit of its investment because of Homeland’s inability to secure India export coal in a certain period of time.

Homeland Energy’s operations are in the Witbank area of South Africa. It also has a large-scale development property in the country as well as exploration interests in southern Africa.