Transnet goes to international debt market
Business Live - Jul 4th 2012, 08:37
Transnet will go to the international debt market before the end of March to raise capital for its R300bn capital expenditure programme, Transnet CEO Brian Molefe said on Thursday.
A minimum “benchmark” issue of $500m would need to be issued to ensure the liquidity and tradability of the bonds, Mr Molefe said, adding that the upper limit of the issue would be $1,5bn.
The parastatal boss declined to say when the company would go to the debt markets and said it would make its decision “opportunistically” in order to secure the cheapest rates, he said.
The rail and ports company will be investing R300bn in expanding its capacity under a new seven-year programme dubbed the market demand strategy.
The investment schedule will triple the size of the company and raise revenue by 152% to R128bn, through increased general freight and bulk commodity volumes.
More than two thirds of the market demand strategy budget will be spent on rail and rail-related infrastructure.
The strategy forms part of the state’s efforts to catch up on infrastructure backlog, which have limited the country’s ability to export commodities such as coal and iron ore at a time when prices have soared on demand from China and India.
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Mr Delivery opts for three wheels to service new Pick n Pay contract
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Tablet shipments to surpass portable PCs in 2013
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