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SA’s Denel plans to dispose businesses for $10.8 mln

Monday, 09 September 2019 18:12
SA’s Denel plans to dispose businesses for $10.8 mln

(Ecofin Agency) - 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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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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