South Africa's state-owned logistics company Transnet has requested an unspecified cash injection from the government as it seeks to reduce debt and return to profitability, it said on Thursday.
"Transnet has requested that national Treasury provide an equity injection to support the recovery plan implementation needed to reduce debt and meet required financial ratios for debt capital market participation," Transnet acting CFO Hlengiwe Makhathini said during a media briefing.
The company declined to disclose how much funding it was seeking from government, its sole shareholder, but South African media reports put the figure above 100 billion rand ($5.24 billion). ($1 = 19.0969 rand) (Reporting by Nelson Banya; editing by Barbara Lewis)
