News Formal

Airports Company SA gets new funding, shelves projects

  • 📰 SowetanLIVE
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 63%

Canada News News

South Africa's state-controlled airports company ACSA has signed a new R3 billion loan with domestic banks and shelved major projects to shore up its finances in the coronavirus crisis, its finance chief said on Thursday.

Since March, when South Africa declared a state of disaster to contain the Covid-19 pandemic, major domestic airports such as the continent's busiest, OR Tambo in Johannesburg, have closed, knocking revenue at Airports Company SA .

"We've got facilities of 3 billion rand confirmed," Chief Financial Officer Siphamandla Mthethwa told Reuters. The deal with Standard Bank, Rand Merchant Bank and Nedbank doubled an existing 1.5 billion rand overdraft-type facility up for renewal in June, he said, adding further easing of lockdown restrictions this week to allow inter-provincial leisure travel would help.

ACSA, which is 74%-owned by the government and counts pension fund manager Public Investment Corporation as its second-biggest shareholder, told lawmakers in May it needed National Treasury support to finance up to R11 billion of new debt by 2025. But Mthethwa said on Thursday this sum was a"worst case" projection over a six-year period and the more relevant number was R3.5 billion that ACSA needed by 2023.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The case for responsible investment of pension savings in infrastructureProjects can be a source of competitive returns if fund managers carry out thorough due diligence
Source: BDliveSA - 🏆 12. / 63 Read more »

WATCH | Business Day: Why every story is your businessSpending drives every economy. But in current times, with businesses cutting spending to survive, which takes priority – national interest or business health? There are true sides to every story. We make all of them your business. EveryStoryIsYourBusiness
Source: BDliveSA - 🏆 12. / 63 Read more »

Industry in ruins: SA tourism gets lifeline, but needs foreign travellers to escape life supportThe resumption of interprovincial leisure travel offers hope for the decimated tourism industry but the sector’s challenges are far from over. Until the country’s borders reopen, the fight to save businesses and jobs continues.
Source: dailymaverick - 🏆 3. / 84 Read more »