A process of rationalisation will result in three subsidiaries - PetroSA, Strategic Fuel Fund and iGas - merged into a single national petroleum company.The cabinet has approved the appointment of a professional restructuring company that specialises in mergers to investigate the most viable model to rationalise the state's petroleum subsidiaries into a single national petroleum company.
“The rationalisation will result in three subsidiaries merged into one single national petroleum company,” Williams said. Meanwhile, the cabinet has also approved the submission of the Financial Sector Laws Amendment Bill of 2020 to parliament. The bill proposes to designate the Reserve Bank as the resolution authority and enhances its regulatory tools for discharging its statutory mandate of ensuring the stability of the financial system.
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