South Africa to give Transnet more guarantees to settle debt
South Africa’s government said it will give Transnet additional guarantees so the troubled State ports and freight railway operator can settle all its debt that falls due and execute its capital-investment program. Transport Minister Barbara Creecy announced the approval of a R51-billion guarantee facility for Transnet last month and the process of giving it additional support will be finalized by July 25, according to the Department of Transport. The company’s five-year corporate plan shows it needs to repay 99.6 billion rand.
South Africa’s government said it will give Transnet additional guarantees so the troubled State ports and freight railway operator can settle all its debt that falls due and execute its capital-investment program. Transport Minister Barbara Creecy announced the approval of a R51-billion guarantee facility for Transnet last month and the process of giving it additional support will be finalized by July 25, according to the Department of Transport. The company’s five-year corporate plan shows it needs to repay 99.6 billion rand.
