September 5, 2019 / 8:27 AM / 11 days ago

Cash-strapped arms maker Denel eyes $2 bln in export deals

JOHANNESBURG, Sept 5 (Reuters) - South Africa’s Denel can see some 30 billion rand ($1.97 billion) in deals over the next two years which should help it recover after struggling to pay salaries and relying on bailouts, the state arms firm said on Thursday.

“Denel is actively pursuing a winnable order pipeline of 30 billion rand in the next two years, which will greatly contribute to the financial turnaround and long-term sustainability of the company,” Denel said in a statement.

“This includes an imminent export contract – the largest in Denel’s history. This contract, which includes an advance payment of 1.5 billion rand, has the potential to grow Denel’s order stock by 32%,” it said.

On Friday Denel received $118 million cash injection from the government to stem a deepening liquidity crunch.

$1 = 15.2369 rand Reporting by Mfuneko Toyana; editing by Jason Neely

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