PRETORIA - SA state arms company Denel has asked the government for a R2.8 billion cash injection to help it emerge from a financial crisis and secure lucrative export deals, its chief executive said.
He added that Denel would not sell equity stakes to Saudi Arabia’s state defence firm SAMI, which made a $1 billion bid for a partnership last year.In late June, Trade union Solidarity said it had served state arms manufacturer Denel with a demand under section 165 of the Companies Act to take immediate legal action against those responsible for the financial muddle it finds itself in.
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: