Eskom won’t need more cash – Pravin

Eskom does not require government cash injections over the next 12 months, Public Enterprises Minister Pravin Gordhan said yesterday.

Cash-strapped Eskom is critical to the economy as it supplies more than 90% of its power but is also one of its most indebted state firms.

“They (Eskom) have got enough liquidity for the next year, and they don’t require any cash from the government side,” Gordhan told Reuters on the sidelines of the FT Africa Summit in London.

He said job losses weren’t currently on the table either.

Financial advisor Lazard will conclude its assessment of which assets Eskom can put up for sale in the next few days, Eskom chair Jabu Mabuza said.

“We have hired Lazard to look at what assets, if any, we can dispose of on our balance sheet,” Mabuza said in London.

“We have not hired Lazard to advice us on debt-for-equity swaps. We are not asking any of our debt providers to swap debt for equity, including the PIC (state pension fund Public Investment Corporation),” he said. – Reuters