Struggling state-owned entity Denel has confirmed the appointment of William Hlakoane as acting Group Chief Executive effective immediately. He takes the reigns from Talib Sadik for the next six months.
The news comes just days after National Treasury warned that Denel might have no cash left in its coffers by the end of next month. In an update, National Treasury says Denel needs around R500-million to tackle some of its liquidity challenges.
The ailing state-owned arms manufacturer recently announced, in its annual report, that it’s looking for revenue streams overseas amid a shrinking domestic market. Reports from the 2019/2020 financial year show government has already given the company over R5-billion in loan guarantees.
Denel now says while its main mandate is to support the South African National Defence Force, much of its R13-billion order book is from outside the country.
In other news – Zodwa Wabantu in serious trouble
Zodwa Wabantu has been called out by some social media users who noticed that she has consistently been ignoring the regulation to wear a face mask in public spaces. Zodwa Wabantu took to Instagram on Sunday, 21 February 2021, to show the hard work she has been putting into her chicken and egg business, as she has been personally delivering her products to clients.
The latest video showed her visiting the 7 Star Salon, which she has endorsed on multiple occasions, to deliver orders to the staff. Learn more