Insolvent Post Office needs a R3.4bn bailout, MPs told
Service needs funds for restructuring and cash flow needs, says communication & digital technologies department
16 November 2022 - 16:50
The SA Post Office (Sapo) needs funding of R1bn before end-March 2023 to meet its cash flow deficit and R2.4bn more to roll out its new strategy, says the department of communication & digital technologies.
Without this cash injection the technically insolvent company, which is on its knees and closing branches, will sink further into the red and be unable to fund its turnaround strategy. Its liabilities total R8.2bn, and the auditor-general doubts it can stay afloat...
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