Denel Requests Financial Aid From South African Government

Denel has requested a ZAR2.8 billion (USD197 million) cash injection from the South African government to help it win contracts and aid its financial recovery, it has been reported. Danie du Toit, CEO of the defence firm, has urged the government to invest in the recapitalisation of the company, Reuters reports, which he said could potentially help...

Denel has requested a ZAR2.8 billion (USD197 million) cash injection from the South African government to help it win contracts and aid its financial recovery, it has been reported.

Danie du Toit, CEO of the defence firm, has urged the government to invest in the recapitalisation of the company, Reuters reports, which he said could potentially help it win an anticipated ZAR30 billion worth of contracts over the next two years and aid ongoing recovery efforts.

Du Toit was reported as saying that he hopes that approval of the cash injection would be made in July and that funds would begin to be transferred by October.

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Source: www.janes.com