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BusinessLive reports that cash-strapped arms manufacturer Denel has not yet received the additional R1bn guarantee it has requested from the government, a move that could have serious implications for its cash flow.
The state-owned company, which has government-guaranteed debt of R2.7bn, had asked for a further guarantee and a cash injection to recapitalise the business. The size of the requested cash assistance has not been disclosed. The manufacturer, which along with other state-owned enterprises has been weighed down by allegations of mismanagement and corruption, slipped into such a severe financial crisis that in December it needed a government guarantee to be able to pay its workers and suppliers. The company on Tuesday confirmed that it had not, at the moment, received a further guarantee from the government. Denel said the recapitalisation was still under consideration and that it would know during the medium-term budget policy statement to be tabled in parliament on 24 October whether it would receive this.
- Read this report by Genevieve Quintal in full at BusinessLive
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