S.Africa’s Transnet seeks government bailout as debt mounts
SOUTH Africa's state-owned logistics company Transnet has requested an unspecified cash injection from the government as it seeks to reduce debt and return to profitability, it said on Thursday. "Transnet has requested that national Treasury provide an equity injection to support the recovery plan implementation needed to reduce debt and meet required financial ratios for debt capital market participation," Transnet acting CFO Hlengiwe Makhathini told a media briefing. Board chairman Andile Sangqu said Transnet would be unable to carry out its turnaround plan, which seeks to restore freight volumes and return the company to profitability over the next 18 months…