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Company News

South African state firms seeking billions of rand in bailouts, govt says

JOHANNESBURG, Sept 1 (Reuters) - South African state companies the Post Office and broadcaster SABC have requested billions of rand in financial support, the National Treasury said in a presentation to parliament on Tuesday.

The Treasury said the Post Office had requested 4.9 billion rand ($292.87 million) in support and SABC was seeking 1.5 billion rand because of the impact of the COVID-19 pandemic.

It added that state agricultural lender Land Bank, which defaulted earlier this year, had resumed interest payments to lenders from Aug. 11.

$1 = 16.7310 rand Reporting by Alexander Winning; Editing by Olivia Kumwenda-Mtambo

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