The Treasury has shot down Transnet’s request for a R100bn bailout to fund its debt obligations and capital investments, with finance minister Enoch Godongwana saying in his medium-term budget policy statement (MTBPS) that Transnet’s request for financing was not accompanied by guarantees the entity would improve its balance sheet.
This means the state-owned logistics company’s board, led by Andile Sangqu, would most likely have to go back to the drawing board and re-formalise its turnaround plan, which relies heavily on government support for implementation.
For more go to BusinessLIVE
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.