Denel, a cornerstone of the country's once-mighty defence industry, is one of several state firms whose finances were damaged by years of mismanagement during former president Jacob Zuma's tenure.
CEO Danie du Toit, appointed late last year to oversee a turnaround plan, said recovery efforts were progressing well and Denel could secure deals worth R30bn in the next two years if it received help to overcome acute liquidity constraints. Denel produces military equipment from ammunition and armoured vehicles to missiles and attack helicopters for the SA's armed forces and for export.
"We have an excellent return on investment potential on recapitalisation," Du Toit said in an interview at Denel's offices outside Pretoria.
Source: News Formal (newsformal.com)
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