Post Of­fice gets cash in­jec­tion

Weekend Argus (Saturday Edition) - - NEWS -

THE SA Post Of­fice has raised R3.7 bil­lion from lo­cal fi­nan­cial in­sti­tu­tions to prop up the cash-strapped state en­ter­prise.

Telecom­mu­ni­ca­tions and Postal Ser­vices Min­is­ter Siyabonga Cwele said R1bn of the amount was re­ceived a few months ago af­ter the or­gan­i­sa­tion went into the mar­kets to raise cap­i­tal us­ing its gov­ern­ment guar­an­tee. This was fol­lowed by a R2bn cash in­jec­tion re­ceived re­cently. Be­sides money owed to work­ers for un­paid salaries, Sapo owed sup­pli­ers R900 mil­lion.

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