Transport Department to work closely with Transnet to improve its operations & financial stability! The National Department of Transport said it will work closely with Transnet to improve the state-owned freight and logistics company’s operations and financial stability.
This follows a recent credit downgrade by Standard & Poor’s, which cited high debt levels, negative cash flow, and Transnet’s growing reliance on government support.
Transport Department
In response, the department has committed to a total of R94.8 billion in additional financial support to help manage the impact of the downgrade on Transnet’s existing debt.
“Government has approved an additional R48.6 billion guarantee for Transnet to ensure that all debt redemptions will be covered over the next five years and that the entity also maintains sufficient liquidity levels,” said department spokesperson Collen Msibi.
“Government has also considered the impact of the credit downgrades on Transnet’s existing debt and has therefore also approved R46.2 billion for it to mitigate the risk of such ratings.”
In other news – Connie Ferguson honors her late mother
Actress and media mogul Connie Ferguson has taken to social media to reflect on the passing of her beloved mother, marking 12 years since her death.
Sharing a touching post with a photo of her late mom, Connie expressed how the pain of the loss remains, even as time passes. Her emotional words resonated deeply with fans and followers, who flooded the comments section with messages of love and support. Read More
