Johannesburg - The Government Employees Pension Fund, which
holds 50% of the Sanral's issued debt, is not unduly concerned about the
agency's potential debt servicing difficulties, Business Day reported on
On April 28 the SA National Roads Agency Limited's plans to
introduce e-tolling were halted by a last-minute court ruling.
According to the fund's acting principal officer John
Oliphant, although the fund holds R15bn in Sanral bonds, this represents only
1.5% of its total assets.
Oliphant, with other senior executives, was briefing parliament's portfolio committee on finance on Monday.
The bond market had hardly responded to the e-toll ruling,
the daily reported.
Leon Myburgh, Citi's sub-Saharan Africa strategist, told
Business Day: "I don't think the market is paying too much attention.
"Because there is a government guarantee, I think the market looks at it and
says, 'If Sanral doesn't pay up, government will'."