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State Companies News

Eskom widens its funding search to sukuk market

By: Bloomberg     29th June 2020 South Africa’s indebted power utility Eskom Holdings plans to issue a R1-billion sukuk bond as it tries to diversify funding sources to reduce borrowing costs. Eskom has appointed a lead arranger “to work towards establishing time lines for the issue,” spokesperson Sikonathi Mantshantsha said in... 

Unions slam public enterprises department over exit from SAA consultative forum

By: African News Agency      29th June 2020 The National Union of Metalworkers of South Africa and the South African Cabin Crew Association have slammed the decision by the department of public enterprises to abandon the leadership consultative forum set up to deliberate on troubled national carrier SAA. In a statement on Sunday, the... 

Unions slam public enterprises department over exit from SAA consultative forum

BLSA’s Mavuso laments downgrades, state of SOEs

By: Simone Liedtke     29th June 2020 As South Africa gears up to drive an economic recovery, Business Leadership South Africa (BLSA) CEO Busisiwe Mavuso has lamented the continuing downgrades of the country and some of its institutions, noting that these “make it more difficult” to fund investment to support the economy. The... 

Acsa reacts to downgrade, assures on financing

By: Rebecca Campbell     29th June 2020 State-owned Airports Company South Africa (Acsa) has stated that it “notes” the recent decision by ratings agency Moody’s Investor Service to down grade Acsa’s ratings and to change its outlook for the airports operator from “under review” to negative. Acsa, however, has also reported success in... 

Unions welcome adjournment of SAA business rescue vote

By: Rebecca Campbell     26th June 2020 In a joint statement on Friday (June 26) the National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association (Sacca) have expressed their relief that 69% of the creditors of South African Airways (SAA) voted to adjourn (to July 14) the vote on the proposed... 

Eskom has plan to avoid unexpected power supply disruptions – Mabuza

By: African News Agency      26th June 2020 South Africa's state power utility Eskom has put a clear maintenance plan in place to avoid unexpected electricity supply disruptions, the country's Deputy President has said. In a written response on Thursday to questions in Parliament, David Mabuza said the government had taken a view that the... 

 Eskom has plan to avoid unexpected power supply disruptions – Mabuza
Deputy President David Mabuza

South African Airways restructuring vote delayed until next month

By: Reuters     26th June 2020 A vote on a restructuring plan for loss-making South African Airways (SAA) was delayed until next month on Thursday, after some creditors and trade unions secured an adjournment after months of wrangling over the airline's future. The administrators, who took over SAA in December after almost a... 

Airlink will vote against business rescue plan for SAA

By: Rebecca Campbell     25th June 2020 South African private-sector airline company Airlink has stated that it respects, but is disappointed by, the decision of the South Gauteng High Court not to interdict the Thursday meeting of creditors of State-owned South African Airways (SAA), which is currently under business rescue. The... 

Public Enterprises announces SAA severance packages, urges approval of rescue plan

By: Rebecca Campbell     25th June 2020 The Department of Public Enterprises (DPE) announced on Thursday that, should the creditors of State-owned national flag carrier South African Airways (SAA), which is currently under business rescue, vote in favour of the business rescue plan for the airline, voluntary severance packages (VSPs)... 

Land Bank to get additional R3bn in extra budget, nothing for other SOEs

By: African News Agency      24th June 2020 South Africa's National Treasury on Wednesday said it would allocate an additional R3-billion to the recapitalise the Land Bank, but said no other in-year spending adjustments were proposed for state-owned companies in budget adjustments related to the Covid-19 crisis. In a supplementary budget... 

South African government urges creditors to support SAA rescue plan  

By: Reuters     24th June 2020 South Africa's public enterprises ministry on Wednesday urged creditors to vote in support of a rescue plan for cash-strapped South African Airways. Creditors are due to vote on the plan, which was published by the state-owned airline's administrators last week, on Thursday. 

South African government urges creditors to support SAA rescue plan

Trade union attacks State and Denel management over unpaid salaries and goes to court

By: Rebecca Campbell     24th June 2020 The Solidarity trade union has blasted the South African government and the management of State-owned defence industrial group Denel over their mishandling of the affairs of the company, causing it to be in so bad a condition as to be unable to pay its employees their full salaries. In May, some... 

Next renewables bidding round to be launched only in second quarter of 2021   

By: Terence Creamer     23rd June 2020 The new head of South Africa’s Independent Power Producers Office (IPPO), Tshifhiwa Bernard Magoro, reported on Tuesday that the next bidding round for the procurement of utility scale renewable-energy projects, often referred to as Bid Window 5, would be launched only in the second quarter of... 

Next renewables bidding round to be launched only in second quarter of 2021
Photo by Creamer Media's Donna Slater
Tshifhiwa Bernard Magoro

Gordhan says private sector showing interest in restructured SAA 

By: African News Agency      23rd June 2020 The South African government has received proposals from funders and potential airline partners in the private sector eager to play a role in South African Airways if it is restructured into a new national carrier, the ministry of public enterprises said on Tuesday. "The South African government,... 

 Gordhan says private sector showing interest in restructured SAA
Public Enterprises Minister Pravin Gordhan

Public Enterprises reports that there is interest in SAA 

By: Rebecca Campbell     23rd June 2020 The Department of Public Enterprises (DPE) has reported that there is indeed investor interest in the State-owned national airline, South African Airways (SAA), which is currently under business rescue. The DPE stated that the government had received unsolicited proposals from private equity... 

SAA business rescue plan would see severe cut in airline’s fleet

By: Rebecca Campbell     22nd June 2020 In their business rescue plan for State-owned national flag carrier South African Airways (SAA), published on June 16, business rescue practitioners (BRPs) Siviwe Dongwana and Leslie Matuson proposed a massive downsizing in the airline’s fleet, followed by a slow expansion after it resumed... 

Mpondo institutes investigation into leak of confidential PRASA documents

By: Simone Liedtke     22nd June 2020 Passenger Rail Agency of South Africa (PRASA) administrator Bongisizwe Mpondo has ordered an investigation into the illegal leaking of confidential company documents related to a security tender. Mpondo has directed the acting head of PRASA Security, Brigadier General (Ret) Tebogo Rakau, to... 

South African munitions and explosives company announces plant engineering contract

By: Rebecca Campbell     22nd June 2020 South African defence company Rheinmetall Denel Munition (RDM), part of the Germany-based Rheinmetall Defence group, has reported that it has won a more than R200-million ($13-million) industrial plant engineering contract. The project includes the upgrading of an existing plant and will start as... 

Public Enterprises to seek to oppose court applications against SAA business rescue 

By: Rebecca Campbell     22nd June 2020 The Department of Public Enterprises (DPE) has announced that it will approach the courts for permission to intervene in a court application against State-owned national flag carrier South African Airways (SAA) lodged by local private-sector airline SA Airlink (Airlink). The latter is applying to... 

SA unions threaten legal action against business rescue plan for SAA  

By: African News Agency      19th June 2020 The National Union of Metalworkers of South African and the South African Cabin Crew Association said they had lost faith in the department of public enterprises, accusing it of sanctioning a business rescue plan for troubled national carrier South African Airways which would lead to 3 700 job... 

SA unions threaten legal action against business rescue plan for SAA

Denel briefs Parliament on the future opportunities it has identified

By: Rebecca Campbell     18th June 2020 Liquidity-starved State-owned defence industrial group Denel has identified opportunities that would allow it to generate revenues and even create new revenue streams in the coming years. It reported this in its recent briefing to Parliament (which was released by the legislature on June 17). The... 

Denel briefs Parliament on the future opportunities it has identified
Photo by Creamer Media
The Rooivalk combat support helicopter is Denel’s flagship product

Denel briefs Parliament on its restructuring progress  

By: Rebecca Campbell     17th June 2020 In a presentation released by Parliament on June 17, financially-embattled State-owned defence industrial group Denel reported on its progress and plans regarding its turnaround strategy. The group pointed out that it had been classified as a national security asset, with a main role of... 

In open letter to SOE Council, BLSA appeals for ‘radical transparency’ 

17th June 2020 Business Leadership South Africa (BLSA) has written an open letter to the members of the newly appointed Presidential State-owned Enterprises Council. In it, the organisation calls for full transparency and an openness to alternative solutions where the rot is too deep and where systems and... 

SAA business rescue plan might not be adequate, govt says  

By: African News Agency      17th June 2020 South Africa's government said it was concerned that a business rescue plan for troubled national carrier South African Airways published late on Tuesday might not be adequate. The government placed financially strapped South African Airways under business rescue last December, but efforts to... 

 SAA business rescue plan might not be adequate, govt says

Mantashe justifies controversial nuclear RFI on basis of ‘long lead-time’ involved

By: Terence Creamer     14th June 2020 Mineral Resources and Energy Minister Gwede Mantashe has justified the issuance of a controversial request for information (RFI) relating to a possible 2 500 MW new nuclear build programme on the basis of the long lead-time involved for the building of such power stations. In a Tweet following... 

Mantashe justifies controversial nuclear RFI on basis of ‘long lead-time’ involved
Photo by Creamer Media's Donna Slater
Mineral Resources and Energy Minister Gwede Mantashe

Public renewables ownership in South Africa could aid in removing potential barrier to decarbonisation  

By: Terence Creamer     12th June 2020 A new study of electricity sector reform in South Africa warns that opposition to private ownership has the potential to become a barrier to decarbonisation and recommends further research into how public, municipal or community ownership could be incorporated into the deployment of renewables.... 

Public renewables ownership in South Africa could aid in removing potential barrier to decarbonisation

Foskor says fire at acid plant won't impact output

By: Reuters     11th June 2020 South African phosphate producer Foskor said on Thursday that a fire on Wednesday at its acid plant in the coastal city of Richards Bay will not impact production and supply, even though conveyors were damaged. The fire, the cause of which is still being investigated, broke out on Wednesday at a... 

Cabinet approves rationalisation plan for CEF’s oil and gas units

By: Terence Creamer     11th June 2020 Cabinet has approved appointment of a professional restructuring company that specialises in mergers to investigate the most viable model for a single ‘National Petroleum Company’. The approval follows a briefing this week relating to ongoing work to rationalise the oil and gas subsidiaries of... 

Cabinet approves rationalisation plan for CEF’s oil and gas units
Photo by Creamer Media's Donna Slater
In May, Mineral Resources and Energy Minister Gwede Mantashe told lawmakers the CEF companies would be restructured

Large power consumers call for overhaul of tariff-setting methodology 

By: Terence Creamer     11th June 2020 South Africa’s largest power consumers are calling on the Department of Mineral Resources and Energy to urgently review the regulatory methodology being used by the National Energy Regulator of South Africa (Nersa) to set Eskom tariffs. The Energy Intensive Users Group (EIUG), whose mining and... 

Large power consumers call for overhaul of tariff-setting methodology

South Africa must rapidly implement measures to attract FDI − Leon 

By: Simone Liedtke     10th June 2020 The South African economy finds itself on the edge of a fiscal cliff, especially as the Covid-19 pandemic has caused a “massive and rapid shock”, says law firm Herbert Smith Freehills partner and Africa co-chair Peter Leon. While the effects of the pandemic were initially localised to Asia,... 

South Africa must rapidly implement measures to attract FDI − Leon
Herbert Smith Freehills partner and Africa co-chair Peter Leon discusses the fiscal cliff edge that the South African economy finds itself on, and highlights some potential measures that can attract FDI into the country. Video: Creamer Media's Kutlwano Matlala. Editing: Creamer Media's Nicholas Boyd.

National Planning Commission proposes SOE holding company model to help shield entities from political meddling 

By: Terence Creamer     10th June 2020 South Africa’s National Planning Commission (NPC) is recommending the creation of a comprehensive State-owned enterprise (SOE) holding company, with a commercial company structure, to help protect SOEs from political interference. The recommendation is contained in a draft position paper that... 

National Planning Commission proposes SOE holding company model to help shield entities from political meddling
The NPC position paper makes recommendations following an assessment of the contribution of Eskom, Transnet and the Passenger Rail Agency of South Africa to the NDP's Vision 2030

Unions say they have found possible investor for embattled airline SA Express

By: Rebecca Campbell     9th June 2020 Two trade unions, the National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association (Sacca) have jointly “noted” that the High Court has extended the provisional liquidation order for State-owned regional airline SA Express. The provisional liquidation order... 

SA Express escapes liquidation for now

By: Reuters     9th June 2020 South African state airline SA Express escaped liquidation on Tuesday, after a judge granted a three-month delay in liquidation proceedings, giving the government more time to clarify its plans for the domestic and regional carrier. SA Express, a different business to national flag carrier South... 

SA Express escapes liquidation for now

SAA creditors vote to extend business rescue plan publication yet again

By: Rebecca Campbell     9th June 2020 The majority of South African Airways’ (SAA’s) creditors voted on June 8 to postpone the publication of the business rescue plan for the State-owned airline until June 15. Their vote was requested by the business rescue practitioners for SAA. The BRPs called the vote in response to a request from... 

Transnet reopens Pretoria freight line

By: Simone Liedtke     8th June 2020 State-owned Transnet has reopened its freight line from the Pretoria complex to Pyramid station, following years of closure owing to challenges with cable theft and sabotage. The line has been out of operation since August 2014 owing to the theft of signaling equipment and overhead track... 

SAA creditors to vote today on extending business rescue plan publication yet again

By: Rebecca Campbell     8th June 2020 The business rescue practitioners (BRPs) for embattled State-owned national flag carrier South African Airways (SAA) have asked the airline’s creditors to vote for or against yet another extension to the publication of the business rescue plan for the company. The creditors have until close of... 

Two unions support demands by SA Express staff to be paid their salaries 

By: Rebecca Campbell     5th June 2020 Two trade unions, the National Union of Metalworkers of South Africa (Numsa) and the South African Cabin Crew Association (Sacca), have jointly expressed support for the workers of financially embattled State-owned regional airline SA Express. The workers organised a protest march, without any... 

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