Cash-strapped Denel says it urgently needs the funding it was allocated
Success of the turnaround plan depends on an inflow of cash, says chief restructuring officer Riaz Saloojee
16 November 2022 - 18:27
Denel, the state-owned arms manufacturer that is on the brink of collapse, says its survival will depend on the timeous release of government funding that was allocated in the medium-term budget policy statement.
In his budget policy statement tabled in parliament last month, finance minister Enoch Godongwana announced that Denel will be allocated R204.7m to reduce contingent liabilities arising from its weak financial position and a further R3.4bn — if set conditions are met — to complete its turnaround plan...
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