South Africa: Denel stakes turnaround on Treasury injection

By Xolisa Phillip, in Johannesburg
Posted on Friday, 25 November 2022 15:34

A corporate logo is seen outside the Rheinmetall Denel munitons plant near Cape Town, South Africa, November 6, 2018. REUTERS/Mike Hutchings

The decline of Denel would compromise South Africa’s strategic independence, says chief restructuring officer (CRO) Riaz Saloojee, making the timely disbursal of the R3.4bn ($196m) lifeline thrown to the entity critical.

“The funding is critical,” Saloojee told lawmakers on 16 November 2022 during a briefing about Denel’s turnaround plan. “Denel, [as] the custodian of strategic and sovereign capabilities, gives us … strategic independence and security of supply.”