Banks offer up R12bn in Transnet deal as parastatal eyes R500bn spend over coming decade

Boosting the coffers earmarked for its ambitious locomotive fleet acquisition programme, State-owned logistics group Transnet has announced the successful conclusion of a R12-billion club loan with five of the country’s major financial institutions, ratifying what the parastatal described as “buoyant investor appetite” for the company and its portfolio of projects. Transnet’s successful raising of the funds in the open markets followed investor roadshows led by acting group CEO Siyabonga Gama and acting group CFO Garry Pita and was targeted at potential funders in South Africa, which involved the group touting its overarching Market Demand Strategy (MDS).