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.

September 10, 2024
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