The South African Post Office is requesting an additional R3.8 billion in government funding to prevent bankruptcy. Despite the financial injection, thousands of jobs are still expected to be lost. The funds will be used for repairing and modernizing the institution, as well as supporting a new turnaround plan . This request comes after the Post Office received R2.4 billion in state funding earlier this year.
The business rescue practitioners have proposed a dividend award of 12c/rand to creditors who applied for payment before the rescue plan was implemented
South African Post Office Funding Bankruptcy Jobs Business Rescue Turnaround Plan
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
One South African in, one South African out for ScotlandScotland has made four changes to their starting XV for their Test against Tonga and two of those personnel swaps involve South Africans.
Source: TheSAnews - 🏆 25. / 59 Read more »
South African Startups Are Fueling An African Tech RenaissanceSouth African and global news updates with a twist. 2oceansvibe is South Africa\u2019s biggest solely owned online news platform with local and world news updates.
Source: 2oceansvibe - 🏆 43. / 51 Read more »
African Spelling Bee: South African team to compete in Addis AbabaAfrican Spelling Bee might help literacy campaign. The African Spelling Bee was inspired by the 2006 movie Akeelah and the Bee, this is according to Roger Dickinson, the founder of African Spelling Bee.
Source: City_Press - 🏆 7. / 72 Read more »
South Africa’s Post Office disaster – 400 branches shut down as another state company tanksMinister of Communications and Digital Technologies has revealed more post office branches have been shut down amid massive financial problems.
Source: BusinessTechSA - 🏆 24. / 61 Read more »
South Africa: MPs Blast Post Office and Postbank Leadership'I don't see a clear way forward. What I see is yet another failed entity' says MP
Source: allafrica - 🏆 1. / 99 Read more »
South Africa: Komani Post Office Goes Up in FlamesThis is the second time a public building has caught fire in the small town of Komani (formerly Queenstown). A year ago residents stood by helplessly as they watched their town hall burn to the ground.
Source: allafrica - 🏆 1. / 99 Read more »