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It’s time to put South Africa Inc into business rescue

By: Riaan de Lange     17th January 2020 To complicate something simply means to make something more difficult to deal with or understand. Why not simplify it? Take the South African economy and its performance – it is no more difficult to understand than a business. Yet, for some inexplicable reason, it is deemed to be too complicated... 

Ramaphosa: We will take drastic steps to save State companies – just look at SAA 

By: News24Wire      9th December 2019 President Cyril Ramaphosa used his weekly newsletter to say that the implementation of business rescue at South African Airways is a sign that government was prepared to take "drastic steps" to save South Africa’s ailing State-owned entities.  The resolve we have shown in putting SAA into... 

SOEs adding to govt spending pressure; e-tolls to remain 

By: Tasneem Bulbulia     30th October 2019 South African Airways is one of a number of State-owned enterprises adding to spending pressures on government, Finance Minister Tito Mboweni reiterated on Wednesday. He pointed out that the airline was insolvent and, in its current configuration, unlikely to ever generate sufficient cash flow... 

SOE bailouts will increase budget deficit, lead to downgrades, warns Auditor General 

By: News24Wire      23rd October 2019 State-owned enterprises are increasingly relying on government guarantees to secure loans, but this reflects badly on government's debt and could result in credit downgrades, the Auditor-General of South Africa warned. On Wednesday, Auditor General Kimi Makwetu briefed Parliament's Standing... 

Chief Restructuring Officer – What role can it play?

By: Creamer Media Reporter      18th October 2019 South African state-owned enterprises (SOEs) are coming under tremendous pressure to do something to extricate themselves from their financial woes.  Any kind of bankruptcy event cannot be the answer:  because of the obvious cross-default impact such a declaration will have on various debt and... 

Annual report reveals scale of Denel’s problems 

By: Rebecca Campbell     4th October 2019 South African State-owned defence industrial group Denel announced on the Stock Exchange News Service on Friday that it had released its annual report for the 2018/19 financial year (FY). By just about every metric, the group’s position deteriorated from FY 2017/18 to FY 2018/19. In FY 2018/19,... 

Denel missile completes its development and is certified

By: Rebecca Campbell     2nd October 2019 The Denel Dynamics A-Darter infrared homing short-range air-to-air missile (AAM) has received its Type Certificate. This marks the end of the qualification and certification programme for the weapon. The A-Darter has been jointly developed by South Africa and Brazil, having been originally... 

Denel to exit some businesses within months 

By: Reuters     6th September 2019 South Africa's struggling State-owned defence company Denel aims to begin disposing of equity stakes and exiting loss-making businesses within months as part of its turnaround strategy, it told a parliamentary committee. Denel, which makes ammunition, missiles and armoured vehicles for South... 

Cash-strapped arms maker Denel eyes R30bn in export deals

By: Reuters     5th September 2019 State-owned Denel can see some R30-billion in deals over the next two years which should help it recover after struggling to pay salaries and relying on bailouts, the state arms firm said on Thursday. "Denel is actively pursuing a winnable order pipeline of R30-billion in the next two years,... 

Denel says R1.8bn Treasury injection helps greatly towards its turnaround

By: Marleny Arnoldi     30th August 2019 State-owned arms maker Denel on Friday said the government’s decision to recapitalise the entity with R1.8-billion will contribute to its turnaround and help to create a sustainable asset for South Africa. CE Danie du Toit noted that the recapitalisation followed tangible progress of detailed... 

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