Post Office gets cash injection
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.