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Transnet set to spend R93,4bn

By unknown | Mar 19, 2010 | COMMENTS [ 0 ]

TRANSNET said yesterday its capital expenditure would reach R93,4billion over the next five years.

TRANSNET said yesterday its capital expenditure would reach R93,4billion over the next five years.

The government-owned freight transport utility spent about R20billion in the 2009/10 financial year.

While the utility expects to generate significant cash from its operations - with growth in cash from operations seen at 19percent cumulatively in the next five years - it will still need to raise R17billion this year and R18billion next year.

Transnet has invested R74billion in the last five years on replacement and expansion projects.

The utility is targeting volume growth of 7percent a year over the next five years, the bulk of this coming from the export of commodities.

"We are very confident that we will fund the R93,4billion by accessing the debt capital markets in the same way we funded the R74billion we spent in the previous five years," Transnet acting chief executive Chris Wells said.

He said the company completed its funding for the current financial year well ahead of time, before there was a flight from the markets in the wake of the global economic slowdown.

Transnet raised R17,9billion in the current financial year from banks, development finance institutions, export agencies and tapping the bond market, through the company's R30billion domestic medium-term note programme.

Wells said a highlight of the funding was the establishment of a $2billion (about R15billion) global medium-term note programme last month.

Transnet is planning to tap the London-listed global medium-term note facility, which allows the company to issue euro and dollar bonds in the US and European debt capital markets in the next financial year. - I-Net Bridge


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