State-owned arms manufacturer Denel says it needs a financial injection of about R1.5-billion for its operational projects and new programmes.
South Africa’s defence industry is facing a crisis as the state-owned arms maker Denel struggles to survive, and rapidly agreeing equity partnerships is the only way to save it.
South African state-owned weapons manufacturer, Denel, has fired its chief financial officer, Odwa Mhlwana, after he was found guilty of all disciplinary charges relating to irregular expenditure, the firm said on Friday.
The Department of Public Enterprises and the management of Denel have two weeks to respond to a memorandum of demand the National Union of Metalworkers of South Africa (Numsa) submitted to them on Friday.
South Africa’s struggling state-owned defence firm Denel said on Wednesday that it had made an operating loss of 1.7 billion rand ($115 million) in the 2017/18 financial year and that its short-term outlook was under pressure due to cash constraints.