Sanral plans to raise R600m to fund capital projects
The SA National Roads Agency (Sanral), crippled by the refusal of Gauteng drivers to pay controversial e-tolls, wants to raise about R600m in capital markets to fund capital projects. Sanral has had to cut spending on capital projects, repair and maintenance to make up for a R6bn hole resulting from the nonpayment of the tolls. The agency became the focus of public anger and protests when it introduced electronic tolling in SA’s richest province to fund improvements to freeways. Sanral reported a R260m annual loss on Monday, which was down sharply from R4.96bn in the previous year. GM Vusi Mona said this week that Sanral was aiming to "commence with our funding programme, probably in the first quarter of 2019".
"The agency has not decided yet whether it will do an auction or private placement. We plan to issue about R600m in this financial year," Mona said. Transport minister Blade Nzimande has acknowledged that debt owed by Sanral due to the Gauteng Freeway Improvement Projec...