Oct 26 (Reuters) – South Africa’s state-owned logistics firm Transnet has requested an unspecified money injection from the federal government because it seeks to scale back debt and return to profitability, it stated on Thursday.
“Transnet has requested that nationwide Treasury present an fairness injection to help the restoration plan implementation wanted to scale back debt and meet required monetary ratios for debt capital market participation,” Transnet performing CFO Hlengiwe Makhathini stated throughout a media briefing.
The corporate declined to reveal how a lot funding it was looking for from authorities, its sole shareholder, however South African media reviews put the determine above 100 billion rand ($5.24 billion).
($1 = 19.0969 rand)
Reporting by Nelson Banya; enhancing by Barbara Lewis
Our Requirements: The Thomson Reuters Belief Rules.
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