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Transnet Needs $1.7 Billion to Fund New Infrastructure, CEO Says

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May 14 (Bloomberg) -- Transnet SOC Ltd.’s funding requirements for fiscal 2014 will increase 12 percent as the company invests in new infrastructure and equipment, Chief Executive Officer Brian Molefe said today.

South Africa’s state rail and ports operator will need 15.7 billion rand ($1.71 billion), compared with 14 billion rand raised a year ago, Molefe said in an interview in Cape Town.

Transnet plans to invest 300 billion rand over seven years to add new rail lines, ports, pipelines and improve infrastructure in Africa’s biggest economy. The company will need funding for about 86 billion rand, according to Molefe.

“We are quite happy with where we stand in the market at the moment,” he said, with investor perception being “very good.”

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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