Denel gets R1.8bn lifeline from the government
The money will help keep the state-owned arms manufacturer afloat while it tries to find a long-term survival strategy
Denel, the troubled stated-owned arms manufacturer that’s been struggling to pay salaries, said it received R1.8bn from the government to help it stay afloat while it develops a long-term survival strategy.
“We are grateful for the unwavering support that we receive from our shareholder, the government, and the National Treasury,” CEO Danie du Toit said in a statement on Friday. “It demonstrates a confidence at high level for the measures taken by the new board and management and a commitment to support us through the next stages of the turnaround.” ..