JOHANNESBURG – South African state arms firm Denel said on Friday it had received a 1.8 billion rand ($118.13 million) bailout and that government would consider its request for a further 1 billion rand cash injection in budget planning for 2020/21.
Denel, which has been struggling to emerge from a financial crisis, added in a statement it would dispose of non-core assets urgently and establish strategic equity partnerships across the company.
($1 = 15.2369 rand)
(Reuters)