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Denel to exit some businesses within months

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Denel aims to begin disposing of equity stakes and exiting loss-making businesses

Struggling state-owned defence company within months as part of its turnaround strategy, it told a parliamentary committee.

Denel is one of a handful of state-run companies that has needed to be bailed out by the government in recent months. A pillar of the country's once-mighty defence industry, the company recorded a R1.76bn loss in 2018. It expects to raise R160m in the third quarter of the 2019/2020 financial year via the disposal of equity in Hensoldt Optronics, a producer of high-tech optics such as sensors and radars, in which it owns a 30% stake. The financial year runs from April 1 to March 31 with an October-to-December third quarter.

Streamlining supply chains, reducing staff costs and exiting other businesses, including Denel Aerostructures, could reap R862m in further savings.

 

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