Cash-strapped Post Office to brief Parliament

The entity is also looking to raise R1.2 billion to support the implementation of a turnaround plan.

FILE: To generate revenue, the post office plans to reduce its dependency on mail and focus on diversifying its products. Picture: Giovanna Gerbi/EWN.

CAPE TOWN - The cash-strapped Post Office will today brief parliamentarians on the implementation of its turnaround strategy.

The state-owned entity was placed under administration in November following prolonged labour unrest.

It recorded a R1.2 billion loss at the end of the last year.

A new board was recently appointed after the previous one resigned.

New Post Office Board Chairperson, Simo Lushaba, was tasked with turning the Post Office around after it was placed under administration.

He'll appear before Parliament's Portfolio Committee on Telecommunications and Postal Services today to give MPs an update on the state-owned entity's financial health.

To generate revenue, the post office plans to reduce its dependency on mail and focus on diversifying its products and services.

But first it has to stop hemorrhaging money.

The Post Office is also looking to the market to raise R1.2 billion to support the implementation of the turnaround plan and settle debts.