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Denel: We are not for sale

This comes amid reports that the ailing arms company has been mulling an investment offer from Saudi Arabia.

Picture: @denelsoc/Facebook.com.

CAPE TOWN - State arms manufacturer Denel says the company and its entities are not for sale.

This comes amid reports that the ailing arms company has been mulling an investment offer from Saudi Arabia.

Board chairperson Monhla Hlahla has told Parliament’s public enterprises c
ommittee that there’s also no agreement for financial assistance from Qatar.

Hlahla says even though the arms manufacturer is in a liquidity crunch, it doesn’t want to sell, nor does it want foreign financial aid.

“The fact that Denel is not for sale doesn’t mean that Qatar doesn’t want to buy certain things from Denel. We separate the two. We said we are open for business, you can talk to us about the things you wish to buy from Denel.”

She says there’s also no deal with Saudi Arabia for it to buy a stake in the company.

“As recently as last week, somebody came to meet us for the first time, we disagreed with their belief that Denel is up for sale.”

Treasury has extended Denel’s government guarantee to R3.4 billion and the board says all its loans have been obtained from local banks.

(Edited by Zamangwane Shange)

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