{"id":8145,"date":"2012-02-20T14:20:00","date_gmt":"2012-02-20T12:20:00","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/update-1-transnet-to-borrow-12-9-bln-to-pay-for-new-capex\/"},"modified":"2012-02-20T14:20:00","modified_gmt":"2012-02-20T12:20:00","slug":"update-1-transnet-to-borrow-12-9-bln-to-pay-for-new-capex","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-transnet-to-borrow-12-9-bln-to-pay-for-new-capex\/","title":{"rendered":"UPDATE 1-Transnet to borrow $12.9 bln to pay for new capex"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Adds details, quote)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>By Agnieszka Flak<\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Feb 20 (Reuters) &#8211; South African<br \/>\nlogistics group Transnet will borrow 100 billion rand<br \/>\n($12.93 billion) over the next seven years to pay for a 300<br \/>\nbillion rand infrastructure programme, its chief executive said<br \/>\non Monday.<\/p>\n<p><span><\/span><\/p>\n<p>The spending plan was heavily promoted in President Jacob<br \/>\nZuma&#8217;s &#8220;State of the Nation&#8221; policy address this month, with<br \/>\ngovernment officials saying it will help create jobs and<br \/>\nincrease the country&#8217;s competitiveness.<\/p>\n<p><span><\/span><\/p>\n<p>State-owned Transnet, which moves commodities such as coal,<br \/>\niron ore and fuel, is looking to nearly triple its capital<br \/>\nexpenditure from its original plan of around 110 billion rand to<br \/>\nbuild and expand infrastructure in Africa&#8217;s biggest economy.<\/p>\n<p><span><\/span><\/p>\n<p>Bottlenecks at ports and rail lines run by Transet have<br \/>\nslowed exports and economic growth.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;We will only need to borrow around 100 billion rand by<br \/>\nissuing bonds, domestic and international, bilateral loans,&#8221;<br \/>\nBrian Molefe said.<\/p>\n<p><span><\/span><\/p>\n<p>He did not say when the bonds would be issued, with debt<br \/>\nproblems in Europe making projections difficult.<\/p>\n<p><span><\/span><\/p>\n<p>He did not foresee any problems in attracting interest for<br \/>\nthe bonds and was confident the company would find the money to<br \/>\npay for the rest of the expenditure from its own balance sheet.<\/p>\n<p><span><\/span><\/p>\n<p>Details of the new capital programme will be announced in<br \/>\nthe coming weeks, but Molefe indicated that 55 percent of that<br \/>\nwould be spent on new projects. The remainder would go for<br \/>\nmaintenance of existing infrastructure.<\/p>\n<p><span><\/span><\/p>\n<p>$1 = 7.7360 South African rand)\t<\/p>\n<p> (Reporting by Agnieszka Flak; Editing by Jon Herskovitz)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Adds details, quote) By Agnieszka Flak JOHANNESBURG Feb 20 (Reuters) &#8211; South African logistics group Transnet will borrow 100 billion rand ($12.93 billion) over the next seven years to pay for a 300 billion rand infrastructure programme, its chief executive said on Monday. The spending plan was heavily promoted in President Jacob Zuma&#8217;s &#8220;State of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8145","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8145"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8145\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}