Transnet is struggling to reverse a collapse that has hobbled economic growth in Africa’s most industrialised economy.
South African state-owned freight company Transnet established a unit that will manage and operate its rail network, a key step in reviving the utility’s performance and opening up the market to private investors.
Volumes of goods and commodities, including iron ore and coal shipped through the company’s freight rail network for export, have dropped because of issues including vandalism, idle locomotives and cable theft. The company has requested a bailout from the state of about R100 billion over the next two years. Finance Minister Enoch Godongwana may refer to the request in a mid-term budget policy statement he’s scheduled to deliver later on Wednesday.
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