Embattled Transnet Seeks South Africa Support for Turnaround
- Firm’s collapse cost economy at least $26.7 billion since 2010
- Transnet is recruiting new CEO and chief financial officer
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South Africa’s embattled state-owned freight-rail and ports company identified areas that require immediate state support in a turnaround plan that is being submitted to the government.
Transnet SOC Ltd.’s board plans to meet the Ministry of Public Enterprises and the Ministry of Finance this week to discuss the plan, it said in an emailed statement on Oct. 14. Once approved by Public Enterprises Minister Pravin Gordhan’s department, it will be discussed with labor unions, employees, customers and lenders, the company said.