Transnet CEO Michelle Phillips seeks R51bn for infrastructure restoration and a profit-targeting plan.

Transnet CEO Michelle Phillips announced the South African state-owned rail company requires R51 billion to restore its infrastructure and address a maintenance backlog. With a total debt of R130 billion, Phillips aims to return to profitability after a R7 billion loss last year, targeting a billion rand profit in 2024. Despite skepticism from former CEO Brian Molefe regarding the impact of past state capture, Phillips emphasizes the need for additional borrowing and operational reforms.

7 months ago
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