SA Taxi owner Transaction Capital tanked on the JSE after the harsh reality of the taxi business in South Africa came to light.
Transaction Capital has found itself in the wrong place at the wrong time — financing minibus taxis amid rocketing fuel prices and a stagnant South African economy.
South Africa’s crippling power blackouts are also slowing traffic, reducing the number of trips drivers can make. Still, the Johannesburg-based company, which started out buying distressed debt books before growing into a broader lending business, doesn’t have bonds or loans maturing until 2025, according to data compiled by Bloomberg.
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