The department of public enterprises has acknowledged the need for further financial assistance to the struggling arms manufacturer
Cash-strapped state-owned arms manufacturer Denel, which has not been able to pay salaries for several months and does not have enough capital to fulfil its orders, believes it can become a sustainable business within the next five years if it restructures to create a streamlined and refocused company.
The turnaround will depend, however, on a significant bailout by the state, which has given its support to the group’s turnaround plan. It will also require the sale of noncore, or unprofitable assets, which Denel conservatively estimates will realise about R1.5bn over the next five years...If you have already registered or subscribed, please sign in to continue.
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