Date: Dec 6, 2018
Struggling state-run power firm Eskom wants the government to take on R100 billion ($7 billion) of its debt as part of a turnaround plan to shore up its balance sheet, Eskom chairperson Jabu Mabuza told the Business Day newspaper.
Cash-strapped Eskom is struggling to emerge from a financial crisis characterised by declining electricity sales, ballooning debt and liquidity problems.
Mabuza made the comments to Business Day as Eskom was meeting investors on a roadshow to London and the United States this week.
A financial market source in London confirmed to Reuters that Mabuza had told investors about moving R100 billion of Eskom’s debt onto the government’s balance sheet during the roadshow.
