JOHANNESBURG, April 10 (Reuters) – South African state-owned
logistics group Transnet aims to raise 86.5 billion
rand ($10.98 billion)from debt capital markets to fund part of
its 300 billion rand capital expenditure plans.
Transnet, which moves commodities such as coal, iron ore and
fuel, previously said it would borrow 100 billion rand by
issuing bonds, domestic and international, bilateral loans.
Chief Executive Brian Molefe said about 70 percent or 213.6
billion rand of the programme’s funding would come from
cashflows.
Transnet is looking to nearly triple its capital expenditure
from its original plan of around 110 billion rand to build and
expand infrastructure in Africa’s biggest economy.
Bottlenecks at ports and rail lines run by Transet have
slowed exports and economic growth.
($1 = 7.8759 South African rand)
(Reporting by Olivia Kumwenda, writing by Sherilee Lakmidas)
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