Transnet to raise R86.5bn in debt
Johannesburg - State-owned logistics group Transnet aims to raise R86.5bn from debt capital markets to fund part of its R300bn capital expenditure plans.
Transnet, which moves commodities such as coal, iron ore and fuel, previously said it would borrow R100bn by issuing bonds, domestic and international, bilateral loans.
Chief executive Brian Molefe said about 70% or R213.6bn of the programme’s funding would come from cashflows.
Transnet is looking to nearly triple its capital expenditure from its original plan of around R110bn to build and expand infrastructure.
Bottlenecks at ports and rail lines run by Transet have slowed exports and economic growth.