ACSA eyes cash reserves for R22bn airports expansion

ACSA eyes cash reserves for R22bn airports expansion

South Africa’s state-owned airports operator plans to use its cash reserves to fund the first two years of a R21.7 billion infrastructure program that includes refurbishing airports.

"In the first few years, we do not anticipate going to the markets," Mbotya said. “We’re actually sitting in a very favourable cash position right now. Our plan is to utilise our own cash reserves to fund the first two years." ACSA’s infrastructure drive includes the construction of new cargo and passenger terminals at OR Tambo International Airport in Johannesburg, as well as runway realignments and terminal expansions at Cape Town International Airport, Chief Dawid Stuurman International Airport in Gqeberha and King Phalo Airport in East London."This is the largest allocation since the preparations for World Cup 2010," ACSA CEO Mpumi Mpofu at the company’s earnings presentation on Thursday.

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