South Africa’s Transnet sets sights on government assistance to alleviate its US$7.3 billion debt.
South Africa’s Transnet is seeking government assistance to alleviate its R130 billion (US$7.3 billion) debt, aiming to improve its freight rail and port capacities. According to Reuters, Transnet’s Chairman Andile Sangqu said the company is burdened with debt repayments exceeding 1 billion rand per month, which is hampering its recovery plan to boost freight volumes, which have fallen from 226 million metric tons in 2017/18 to 152 million in 2023/24.
“We will require the assistance of the shareholder to give us some form of debt relief,” Sangqu said. “As we begin to make this increase in volumes, as we begin to generate new…
