Transnet will use the loan to fund its expansion projects and refinance existing debt, it said in a statement late on Tuesday.on with a group of international lenders led by Deutsche Bank AG in its biggest funding transaction in seven years.
Poor maintenance, a lack of spare parts for trains, copper cable theft and vandalism have disrupted Transnet's freight rail services.In April, Transnet declared force majeure, saying its capacity to provide services to mineral exporters was constrained by a lack of locomotives, large-scale theft of copper cables and vandalism of infrastructure.
Transnet will use the loan to fund its expansion projects and refinance existing debt, it said in a statement late on Tuesday. “This is a significant milestone to stabilise Transnet's liquidity position in support of our financial sustainability,” Transnet's Group Chief Financial Officer Nonkululeko Dlamini said.Africa Finance Corporation, African Export-Import Bank and Bahrain-headquartered Ahli United Bank were involved in the syndicated loan transaction alongside Deutsche Bank.
Last week, Transnet issued a veiled threat to coal exporters who had not agreed to amend transportation contracts, following its declaration of force majeure in April. )
Effpresser, CyrilMustResign ,OperationDudula Ramaphosa is only less than 48 months in power but his administration has borrowed Billions of Rands from different international markets , yet we don't see fruits of these Loans. The NGOs and political are not asking questions
That's how China literally 'owned 'some African countries. This borrowing of Billions after Billions in international markets will be the debt that would be paid by us and our kids while those who are power will be retired chowing their millions
So soon the railway strippers will have new stuff to steal ,that’s if the loan money doesn’t go missing first.
Iyoh 😭😭😭ANC members in Transnet are going to steal this money . . . .
1st signs of privatization is abt to happen in the near future...
I won't they won't tell us that Transnet is unable to service its debt, therefore a private equity is needed. A substitution name for privatization
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