In the column, he shared a letter he had written to Ntshavheni calling for a public-private partnership to save the ailing Sapo, a “strategic asset of national importance”.
the consortium, over and above the purchase consideration, will inject a capital sum equal to the determined value of agreed future losses to be funded in the form of low-yielding redeemable, convertible debentures which will either be repaid or converted into further equity in the post office coincident with the planned listing and further permanent capital raising in the post office in three years’...
Postbank will remain an integral part of Sapo in whichever structure is considered most appropriate and the National Treasury will continue to guarantee Postbank deposits until such time as Postbank is able to successfully apply for a banking licence regulated by the Prudential Authority within the SA Reserve Bank.
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