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State Companies News

Will nuclear tender ‘lock in’ bid price, energy expert asks 

By: Terence Creamer     14th September 2016 A leading energy academic, who is opposed to the imminent issuance of a nuclear tender in the absence of an updated generation plan, says he will be paying close attention to whether the request for proposals (RFP) is a “genuine competitive tender for a fixed-price contract”, or simply a process... 

Gordhan confirms SAA losses as MPs demand Myeni’s head

By: African News Agency      14th September 2016 Finance Minister Pravin Gordhan on Tuesday confirmed that South African Airways (SAA) suffered losses of R4.7-billion in 2014/2015 and a further R1.8-billion in the past financial year. Gordhan did so when he closed a bitter debate in the National Assembly on SAA that was dominated by demands... 

Gordhan confirms SAA losses as MPs demand Myeni’s head

Gordhan met Gupta-owned Oakbay on banks 4 months ago 

By: News24Wire      9th September 2016 Finance Minister Pravin Gordhan admitted meeting with Oakbay Investments in May this year. In a parliamentary question posed by the Democratic Alliance’s (DA's) David Maynier, Gordhan said he had met with Nazeem Howa, CEO of Oakbay Investments on 24 May. He was accompanied by National Treasury... 

Finance Minister Pravin Gordhan
Finance Minister Pravin Gordhan

Swedish and SA defence groups create joint air-defence system from their products

By: Keith Campbell     9th September 2016 Swedish aerospace and defence group Saab revealed on Friday that it and South African Defence group Denel had cooperated to integrate the former's Giraffe radar with the latter's Umkhonto surface-to-air missile. "It's producing a system that's going to be very hard to beat," affirmed Saab country... 

Denel's Umkhonto surface-to-air missile
Denel's Umkhonto surface-to-air missile

Ramaphosa warns State ‘at war with itself’ undermines stability 

By: Terence Creamer     9th September 2016 Deputy President Cyril Ramaphosa stressed on Friday that government was deeply aware of the “disquiet” within society about the current divisions within government, which had created an impression of a State “at war against itself”. Addressing the twenty-first summit of the National Economic... 

Ramaphosa warns State ‘at war with itself’ undermines stability

SAA is in good hands – Dudu Myeni 

By: News24Wire      9th September 2016 Embattled chairperson of South African Airways (SAA) Dudu Myeni has assured South Africans that the national carrier is in good hands, expressing confidence in the new board that was announced last week to work alongside her. "I want to assure you that this airline is in the right hands: I have... 

SAA chairperson Dudu Myeni
SAA chairperson Dudu Myeni

SA space agency mulls future course in rapidly changing sector 

By: Keith Campbell     9th September 2016 Space science and technology is developing ever more rapidly. And this has consequences for South Africa and especially the South African National Space Agency (Sansa). “We’re living in exciting times, in terms of space,” highlighted the founder-CEO of Sansa, Dr Sandile Malinga. “There are many... 

SA space agency mulls future course in rapidly changing sector

Medupi Unit 5 synchronised to South African grid

By: Terence Creamer     8th September 2016 Public Enterprises Minister Lynne Brown confirmed on Thursday that the second 800 MW unit at the Medupi coal-fired power station project, in Limpopo, had been synchronised to the grid. She said in a statement that Unit 5 – one of six being built as part of the 4 800 MW project – would become... 

Medupi Unit 5 synchronised to South African grid

Gordhan makes no bones about SAA 

By: News24Wire      8th September 2016 Finance Minister Pravin Gordhan made no bones about South African Airways (SAA) during an interview by political analyst Justice Malala at the Open Book Festival in Cape Town on Thursday. To this Gordhan replied that some kind of continuity had to be created. 

Gordhan makes no bones about SAA

Meeting between Brown, Old Mutual and Futuregrowth postponed to Sept 13

By: Creamer Media Reporter      8th September 2016 The Department of Public Enterprises reported on Thursday that a meeting between Minister Lynne Brown and the CEOs of Old Mutual and Futuregrowth Asset Management, which had been scheduled for September 8, had been postponed until September 13. Brown, who is Shareholder Minister for Eskom and... 

Public Enterprises Minister Lynne Brown
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Investec says release of updated IRP could ease IPP frustration and uncertainty

By: Terence Creamer     7th September 2016 Banking group Investec, which has supported various renewable energy and peaking power projects in South Africa, including the Avon and Dedisa open cycle gas turbines that recently entered commercial operation, remains convinced that the country will continue with its independent power producer... 

The Avon peaking power plant
The Avon peaking power plant

Agreement to build the Moloto Rail Development Corridor signed in China 

By: African News Agency      7th September 2016 The Passenger Rail Agency of South Africa (PRASA) has signed a memorandum of understanding (MoU) with China Communications Construction Company to build the Moloto Rail Development Corridor, the Presidency said on Wednesday. In a statement, the Presidency said the MoU to explore various... 

New SAA board shows Cabinet taking responsibility – Mkhize 

By: News24Wire      7th September 2016 The appointment of a new South African Airways (SAA) board is a step forward, says Zweli Mkhize, ANC treasurer general. Mkhize was addressing media and business leaders at the Sanlam offices in Sandton, on Tuesday night. Mkhize shared his thoughts on the economic outlook for the country and the... 

New SAA board shows Cabinet taking responsibility – Mkhize

Brown to meet Futuregrowth, Old Mutual after ‘unfortunate’ funding suspension

By: Terence Creamer     6th September 2016 Public Enterprises Minister Lynne Brown, who is Shareholder Minister for Eskom and Transnet, will meet with the CEOs of Old Mutual and Futuregrowth Asset Management on September 8, following Futuregrowth’s suspension of financing to six State-owned Companies (SoCs), owing to governance concerns.... 

Public Enterprises Minister Lynne Brown
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

DA set to square off with Cabinet in high court over Dudu Myeni’s reappointment to SAA

By: African News Agency      5th September 2016 The Democratic Alliance (DA) on Monday announced it would be taking a decision by Cabinet to reappoint Dudu Myeni as South African Airways board chairwoman on review in the Western Cape High Court. “The DA is of the strong opinion that there is a prima facie case to be made that Ms Myeni’s... 

DA set to square off with Cabinet in high court over Dudu Myeni’s reappointment to SAA

TNPA to boost dredging skills through launch of R30m simulator

By: Shirley le Guern     5th September 2016 Transnet National Ports Authority (TNPA) has launched Africa’s first dredging simulator – a computerised training cockpit for aspirant dredger operators – in Durban.  The dredging simulator is located at Durban’s Maritime School of Excellence (MSoE) and will form the core of the school’s newly... 

TNPA to boost dredging skills through launch of R30m simulator

Myeni reappointed SAA chairperson

By: African News Agency      2nd September 2016 Contentious South African Airways (SAA) chairperson Dudu Myeni has been reappointed to the post, a Cabinet statement released on Friday said. Former SAA CFO Tryphosa Ramano will serve as deputy chairperson. 

Myeni reappointed SAA chairperson

South African parastatals credible, reliable borrowers, says Brown

By: African News Agency      2nd September 2016 Public Enterprises Minister Lynne Brown on Thursday moved to assure investors that South Africa’s parastatals were on solid footing as she responded to news that a second money manager would suspend lending to the country’s state-owned companies. “I want to assure all lenders and investors that... 

Public Enterprises Minister Lynne Brown
Photo by Duane Daws
Public Enterprises Minister Lynne Brown

Eskom, Transnet say liquidity not immediately affected by Futuregrowth suspension 

By: Terence Creamer     1st September 2016 State-owned electricity utility Eskom and freight logistics group Transnet insisted on Thursday that their immediate liquidity was not threatened by the announcement by Futuregrowth Asset Management that it was suspending additional loans to six State-owned companies (SoCs), including Eskom and... 

Eskom CFO Anoj Singh
Photo by Duane Daws
Eskom CFO Anoj Singh

Editorial: Decisive leadership needed to address IPP impasse and industry structure 

By: Terence Creamer     1st September 2016 Eskom's hostility towards independent power producers (IPPs) can no longer be disputed, or ignored. The antagonism has also brought to the fore the oft-repeated warning about the genuine risk associated with the current structure of the industry, where IPPs are beholden to a dominant competitor... 

Editorial: Decisive leadership needed to address IPP impasse and industry structure

Suspension of loans is 'erroneous' – ANC

By: News24Wire      1st September 2016 It was an unfortunate mistake to suspend loans to State Owned Enterprises, the ruling African National Congress (ANC) said on Thursday. This comes hours after Futuregrowth Asset Management announced it was suspending its loans due to possible “patronage network” and “conflicts” in government. 

Suspension of loans is 'erroneous' – ANC

Molefe urges municipalities to move to prepaid electricity meters

By: Kim Cloete     1st September 2016 Eskom CEO Brian Molefe says municipalities that have electricity arrears, should enter into an agreement to allow Eskom to install prepaid meters for customers. He also anticipates a complete move to prepaid meters in the long term. “[In the] long-term, South Africa should move to prepaid... 

Gordhan denies snubbing Hawks

By: News24Wire      1st September 2016 Finance Minister Pravin Gordhan repeatedly offered the Hawks his assistance, but the law enforcement agency did not take him up on his invitation, his lawyers said in a strongly-worded statement on Thursday. The way in which the Hawks acted after they sent Gordhan a letter telling him to come to... 

Finance Minister Pravin Gordhan
Photo by Duane Daws
Finance Minister Pravin Gordhan

I am captured by the Constitution, not by the Guptas, says Molefe 

By: Kim Cloete     31st August 2016 Eskom CEO Brian Molefe has strongly rejected allegations that he undermined and blocked a review by National Treasury into the utility's coal contracts with Gupta-linked company Tegeta Exploration and Resources. “I am captured by the Constitution, not by the Guptas,” said Molefe, fielding... 

Eskom CEO Brian Molefe
Eskom CEO Brian Molefe

IDC aims to grow approvals beyond R14.5bn in 2017, despite impairment worry

By: Terence Creamer     31st August 2016 The Industrial Development Corporation (IDC) has committed to continue increasing its level of finance approvals and disbursements, despite a surge in impairments to over R3-billion. Funding approvals increased to a record R14.5-billion during 2016 from R11.5-billion a year earlier, while... 

Economic Development Minister Ebrahim Patel and IDC CEO Geoffrey Qhena
Photo by Duane Daws
Economic Development Minister Ebrahim Patel and IDC CEO Geoffrey Qhena

SAA warned to file financials, overhaul board 

By: News24Wire      31st August 2016 The much-delayed tabling of South African Airways' (SAA's) annual financial statements has now dragged on for an unacceptably long time and all concerned must urgently get the matter resolved, Parliament's Standing Committee on Finance said on Wednesday. It expressed concern about reports that... 

Amid worries over IPP-programme credibility, Eskom says issues being resolved

By: Terence Creamer     31st August 2016 A South African solar industry body has warned that the credibility of the country’s much-vaunted Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) is being threatened by ongoing delays to the programme, as well as uncertainty over Eskom’s willingness to conclude power... 

Amid worries over IPP-programme credibility, Eskom says issues being resolved

Denel defies Treasury on VR Laser 

By: African News Agency      31st August 2016 The National Treasury on Wednesday declined to be drawn into a public spat with Denel after the State-owned defence conglomerate publicly defied and accused it of political “grandstanding” for trying to stop a joint venture company linked to the controversial Gupta family, Denel Asia. This... 

Denel defies Treasury on VR Laser

ANC never received R80m – Mantashe on PRASA bribery claims

By: News24Wire      31st August 2016 The African National Congress (ANC) has denied claims that it received R80-million from the Passenger Rail Agency of South Africa (PRASA). The political party announced outcomes from its national working committee meeting, which sat on Monday to discuss a number of issues, including the public... 

ANC secretary general Gwede Mantashe
ANC secretary general Gwede Mantashe

IDC seeks strategic partner for struggling Scaw unit

By: Terence Creamer     30th August 2016 The Industrial Development Corporation (IDC) has initiated a process to find a strategic equity partner for its struggling steel subsidiary Scaw Metals, which reported a loss of over R1-billion for 2016. Speaking at the IDC’s financial results at the Coega Industrial Development Zone, in the... 

IDC CEO Geoffrey Qhena
Photo by Duane Daws
IDC CEO Geoffrey Qhena

Eskom’s IPP pushback continues despite Cabinet endorsement 

By: Terence Creamer     30th August 2016 Despite Cabinet having insisted at its recent lekgotla that South Africa has no intention of “changing course midstream” in its support of the independent power producer (IPP) programme and notwithstanding that all determinations are in terms of official Ministerial determinations, State-owned... 

Eskom’s IPP pushback continues despite Cabinet endorsement

PRASA finances stabilising, but there is significant room for improvement – Letsoalo 

By: Megan van Wyngaardt     29th August 2016 Despite recording R13.9-billion in irregular expenditure during the 2015/16 financial year, State-owned Passenger Rail Agency of South Africa (PRASA) still received an unqualified audit opinion from the Auditor-General. Speaking at a media briefing at its offices in Pretoria, PRASA acting CEO... 

PRASA finances stabilising, but there is significant room for improvement – Letsoalo

SAA's R16bn loan appeal more proof for business rescue – DA 

By: News24Wire      29th August 2016 South African Airways’ (SAA) advert for a tender of R16-billion indicates the desperate financial position the airline is in and it should therefore be placed under business rescue, the Democratic Alliance (DA) said on Monday. The cash-strapped national carrier has turned to banking and... 

SAA's R16bn loan appeal more proof for business rescue – DA

Treasury, Eskom in war of words over cooperation in coal-contract review 

By: Terence Creamer     29th August 2016 The National Treasury has strongly disputed Eskom’s contention that it has been cooperating with its review of coal contracts involving the Gupta-family-linked Tegeta Exploration and Resources, indicating rather that its “efforts have met resistance” from the utility. It also disputed Eskom’s... 

Treasury, Eskom in war of words over cooperation in coal-contract review

Eskom may re-advertise nuclear notices after noncompliant E Cape notice

By: Terence Creamer     26th August 2016 State-owned electricity utility Eskom may re-advertise notices relating to its Nuclear Installation Site Licence (NISL) applications for Thyspunt, in the Eastern Cape, and Duynefontyn, in the Western Cape, having acknowledged that a notice published in the Eastern Cape Provincial Gazette on... 

Eskom may re-advertise nuclear notices after noncompliant E Cape notice

ANC denies it benefited from PRASA deal

By: News24Wire      26th August 2016 The African National Congress (ANC) has rejected allegations that the party had been implicated in alleged bribery by a supplier of locomotives to the Passenger Rail Agency of South Africa (PRASA). News24 on Friday morning reported that PRASA chairperson Popo Molefe had filed new court papers in... 

ANC denies it benefited from PRASA deal

New tug fleet will enable SA ports to handle larger vessels

By: David Oliveira     26th August 2016 As part of parastatal Transnet’s Market Demand Strategy (MDS), Transnet National Port Authority (TNPA) will spend about R56-billion by 2019 to improve efficiencies of South Africa’s ports, including a R1.4-billion tugboat replacement project. The contract, which was awarded to local shipbuilding... 

New tug fleet will enable SA ports to handle larger vessels
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