Denel Granted R1.8 Billion Bailout From Treasury

denel - Denel Granted R1.8 Billion Bailout From Treasury

State-run arms firm Denel has been granted R1.8 billion bailout from National Treasury.

It also said an additional R1 billion bailout will be considered in 2020/21 budgetary process.

The state-run arms firm said it would it dispose of non-core assets and establish strategic equity partnerships across various divisions of the company.

The company has been battling to pay its workers on time and has joined a long line of parastatals that have battled to stay viable.

It a statement released on Friday, the parastatal said it was grateful for the unwavering support that it received from government and National Treasury.

CEO Danie du Toit said it demonstrated confidence at high level for the measures taken by the new board and management through the next stages of the turnaround process.

EWN

The post Denel Granted R1.8 Billion Bailout From Treasury appeared first on iAfrica.com.

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