{"id":42675,"date":"2023-01-12T18:46:07","date_gmt":"2023-01-12T18:46:07","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says"},"modified":"2023-01-12T20:35:19","modified_gmt":"2023-01-12T20:35:19","slug":"transnet-is-at-the-mercy-of-banks-godongwana-says","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says","title":{"rendered":"Transnet is at the mercy of banks, Godongwana says"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Transnet, the state-owned company that operates South Africa\u2019s freight rail network and ports, is dependent on the patience of the financial institutions to which it owes money, the finance minister said.<\/p>\n

Transnet said in December that it hadn\u2019t reached the cash-to-interest interest cover ratio of 2.5 on some of the loans it has taken out. The company\u2019s cash\u2014to-interest ratio was 2.1 as of the end of September. Still, it said \u201cthe affected lenders have provided the required waivers.\u201d<\/p>\n

\u201cThey are breaching the covenants but the banks are not taking them on,\u201d Finance Minister Enoch Godongwana said in an interview on Thursday in Johannesburg. \u201cThe trick is going to be whether the banks are going to agree to extend.\u201d<\/p>\n

Transnet, which said it spent R36.1 billion on servicing debt in its last financial year, has come under increasing criticism from exporters after a series of problems saw the amount of coal railed slump at a time of record prices.<\/p>\n

On Wednesday News24 reported that the Minerals Council, which represents mining companies including Anglo American and Glencore, in December wrote to Transnet\u2019s chair demanding that the management be changed and expressing concern about its debt covenants.<\/p>\n

Transnet wouldn\u2019t comment on the report and didn\u2019t immediately respond to questions about Godongwana\u2019s statements. Still, it said it had a strong relationship with the mining lobby group. The Minerals Council declined to comment other than to say it was working closely with Transnet.<\/p>\n

If debt covenants are breached the lenders can call in the loans.<\/p>\n

Godongwana, in October\u2019s budget update, gave R5.8 billion to Transnet to repair flood-damaged infrastructure and to repair and maintain rail locomotives. About R3.8 billion of Transnet\u2019s debt is guaranteed by the government, according to Treasury data.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Transnet, the state-owned company that operates South Africa\u2019s freight rail network and ports, is dependent on the patience of the financial institutions to which it owes money, the finance minister said. Transnet said in December that it hadn\u2019t reached the cash-to-interest interest cover ratio of 2.5 on some of the loans it […]<\/p>\n","protected":false},"author":84,"featured_media":42674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,1005,275,1058],"class_list":["post-42675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-enoch-godongwana","tag-south-africa-2","tag-transnet"],"yoast_head":"\nTransnet is at the mercy of banks, Godongwana says - South Africa<\/title>\n<meta name=\"description\" content=\"Transnet, the state-owned company that operates South Africa\u2019s freight rail network and ports, is dependent on the patie ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transnet is at the mercy of banks, Godongwana says\" \/>\n<meta property=\"og:description\" content=\"Transnet, the state-owned company that operates South Africa\u2019s freight rail network and ports, is dependent on the patie ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-12T18:46:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-12T20:35:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/01\/postQueueImg_1673536586.87.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"684\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Transnet is at the mercy of banks, Godongwana says\",\"datePublished\":\"2023-01-12T18:46:07+00:00\",\"dateModified\":\"2023-01-12T20:35:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says\"},\"wordCount\":315,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2023\/01\/postQueueImg_1673536586.87.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"enoch godongwana\",\"South-Africa\",\"transnet\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/transnet-is-at-the-mercy-of-banks-godongwana-says\",\"name\":\"Transnet is at the mercy of banks, Godongwana says - 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