South Africa's Denel to Exit Some Businesses Within Months

South Africa’s struggling state-owned defense company Denelaims to begin disposing of equity stakes and exiting loss-making businesses within months as part of its turnaround strategy, it told a parliamentary committee, Reuters reported. Denel, which makes ammunition, missiles and armored vehicles for South Africa and customers elsewhere in Africa, the Gulf and Europe, received a 1.8 billion rand ($122 million) cash injection from the government at the end of last month after struggling to pay salaries and suppliers. 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 defense industry, the company recorded a 1.76 billion rand loss in 2018. Read more