Acsa reveals that government support of up to R3bn may be required in next 3 years | IOLTravel
Airports Company South Africa revealed the proposed changes to its corporate plan compelled by the travel restrictions due to Covid-19 pandemic.
The New Normal scenario further includes significant responses introduced by management to mitigate the impact of the traffic volume decline anticipated. These include reductions to operational expenditure and limitations to capital expenditure. "The company had no intention of requiring government support. The company emphasised that the support would be in the form of guarantees and not bailouts," it stated in a press statement. Acsa also set out the implications of the recent downgrade of its debt by Moody’s Investor Service, which also put Airports Company South Africa on notice for a review.
“We are therefore acutely aware of the Covid-19 impact on our entire ecosystem. Our efforts to mitigate the business impact of Covid-19 are essential if we are to help preserve the livelihoods of thousands of people in the sector,” said Mpofu.
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