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Eskom and NTCSA Complete Merger to Form New Electricity Transmission Company

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Eskom,NTCSA,Merger

Eskom and the National Transmission Company of South Africa (NTCSA) have successfully met all the requirements for the merger and operationalisation of the newly formed electricity transmission company. This includes obtaining consent from lenders and creditors, passing resolutions by the government and boards, and receiving regulatory approvals.

Public enterprises Minister Pravin Gordhan and Eskom board chairperson Mteto Nyati have announced Eskom and the National Transmission Company of South Africa have satisfied all the requirements necessary to effect the merger and operationalisation of the newly formed electricity transmission company.

“NTCSA is now on course to be a duly constituted separate, distinct, and wholly owned subsidiary of Eskom Holdings as per the provision of the Companies Act.” “The separation of the Transmission Division from Eskom will now set the NTCSA on the path for operationalisation once the necessary statutory requirements as per the Companies Act have been concluded,” Nyati said.

The transmission division is the first to be spun off from Eskom into its own company, five years after President Cyril Ramaphosa announced a plan to divide the utility into three separate entities.

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 /  🏆 11. in KR
 

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