Denel company logo is seen at the entrance of their business divisions in Pretoria, South Africa, December 4, 2018. REUTERS/Siphiwe Sibeko
South African Arms Firm Denel Gets R1.8-Billion Bailout
JOHANNESBURG – South African state arms firm Denel said on Friday it had received a R1.8 billion ($118.13 million) bailout and that government would consider its request for a further R1-billion cash injection in budget planning for 2020/21. Denel, which has been struggling to emerge from a financial crisis, added in a statement it would […]
Denel company logo is seen at the entrance of their business divisions in Pretoria, South Africa, December 4, 2018. REUTERS/Siphiwe Sibeko
JOHANNESBURG – South African state arms firm Denel said on Friday it had received a R1.8 billion ($118.13 million) bailout and that government would consider its request for a further R1-billion cash injection in budget planning for 2020/21.
Denel, which has been struggling to emerge from a financial crisis, added in a statement it would dispose of non-core assets urgently and establish strategic equity partnerships across the company.
(Reporting by Alexander Winning and Tanisha Heiberg; editing by David Evans)