Denel asks for R2.8bn state cash injection – CEO
South African state arms company Denel has asked the government for a R2.8 billion ($200 million) cash injection to help it emerge from a financial crisis and secure lucrative export deals, its chief executive said.
In an interview with Reuters, Danie du Toit said he hoped the cash injection would be announced this month and that the funds would arrive in September or October.
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.
Read: Saudi state defence firm pens deal with SA’s Paramount
Source: moneyweb.co.za
