Board and Ministry of Public Enterprises and the Ministry of Finance to meet this week.
South Africa’s embattled state-owned freight-rail and ports company identified areas that require immediate state support in a turnaround plan that is being submitted to the government. Transnet’s board plan to meet the Ministry of Public Enterprises and the Ministry of Finance this week to discuss the plan, it said in an emailed statement on October 14.
The government has begun talks with the World Bank for a $1 billion loan to upgrade Transnet’s rail infrastructure and support state power utility Eskom Holdings’s transmission unit, Johannesburg-based newspaper Business Day reported Oct. 13. Read all our Transnet coverage here. Transnet’s turnaround plan sets out operational and financial initiatives that must be implemented over the next six, 12 and 18 months to stabilised the business, according to the statement.
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