HILARY JOFFE: Transnet redeems $1bn bond at eleventh hour
Defaulting on the payment deadline could have triggered a messy string of cross defaults
It’s nothing to write home about when a private listed company publishes its full annual financial statements within four months of its year end. When one of SA’s state-owned companies does this, as Transnet did this week, it’s an event.
Yet the backstory to Transnet’s timely presentation of its March year-end financials is a rather nail-biting one, one that serves as a reminder of the troubles that lurk behind a set of results that looked good, at least on the surface. And if those troubles are bad for Transnet, they are even worse for exporters who cannot rail their goods to market or importers who cannot land goods at the ports, all of which constrains SA’s economic growth...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.