The South African Post Office (SAPO) is insolvent, and its debt obligations have increased to R12.5 billion.
This is according to a statement from the business rescue practitioners this week, who said the state-owned company must improve revenue and implement an effective and efficient cost structure to become factually solvent.
Joint Business Rescue Practitioners Anoosh Rooplal and Juanito Damons have been working with Sapo management to address its financial issues.
“The SAPO asset base is dwarfed by its total liabilities of approximately R12.5 billion as of 31 July 2023,” they said.
Rooplal said addressing the decline in the Post Office’s revenue, reducing costs, effecting key structural changes in the business model, and…
