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PIC rolls over for Transnet, but not very far

Carol Paton

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Transnet is unable to repay its debt due to falling volumes on his freight lines.

Transnet is unable to repay its debt due to falling volumes on his freight lines.

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Transnet has been put on a short leash by the Public Investment Corporation (PIC), which this week agreed to roll over R4.4 billion of Transnet debt due for repayment on Monday.

But the PIC gave Transnet only four months' grace as the repayment falls due again on 8 March, indicating that it is wary of bailing out failing state-owned enterprises.

In reply to questions, the PIC said on Tuesday:

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