SA’s Denel plans to dispose businesses for $10.8 mln
Monday, 09 September 2019 18:12
South Africa’s defense company plans to mobilize R160 million ($10.8 million) in Q3 FY2019-20 through the sale of shares it holds in many businesses.
The State-owned equipment manufacturer has already started the procedure to dispose 30% stake in Hensoldt Optronics, a producer of high-tech optics. Process completion is now subject to approval by the South African government.
Denel is also selling shares held in PMP, a small-caliber ammunition unit; and 51% stake in armored vehicle company LMT. These initiatives could save the company up to R70 million.
Struggling Denel plans to recover and strengthen its capital in the coming years through the reduction in personnel costs and the coming divestment of other assets.
Chamberline Moko
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