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EWN reports that the SA Post Office's (Sapo’s) business rescue practitioners (BRPs) say they've managed to turn the ailing state-owned entity around. The team of BRPs is now preparing to exit the business rescue process and hand control of the entity back to management after almost three years.
The rescue team briefed Parliament's communications and digital technologies committee on the finalisation of the rescue process, which saw over 4,000 retrenchments and the closure of hundreds of branches. The team said they were in discussions with the Department of Communications and Digital Technologies and were preparing a court application to terminate the business rescue proceedings. The BRPs had previously come under fire from the committee as progress over the last two years had not been evident. But on Wednesday, Sapo acting group CEO Fathima Gany presented a positive outlook, saying that they were in the best shape since 2012. "This resulted in the strengthening of the balance sheet and a positive net asset value of R1 billion at the end of March. This was the first time since 2012 that Sapo had a positive net asset value, so you see the benefits that you gain from a business rescue process," she indicated.
- Read the original of the short report in the above regard by Babalo Ndenze at EWN
- Read too, Business rescue practitioners prepare to file court papers to exit Post Office, at IOL News
Get other news reports at the SA Labour News home page