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SA Trade Union Oppose Sale of National Power Company

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South Africa’s National Union of Mineworkers (NUM) has rejected state-owned power company, Eskom’s efforts to dispose of some of its non-core assets, it said on Friday.
NUM was particularly livid at the fact that it is believed that the cash-strapped Eskom is trying to sell its finance company which has been central in providing home loans to its members.
“The NUM will never support any decision that will affect its members and other employees at the company,” NUM spokesman Livhuwani Mammburu said recently.
Tshediso Matona, Eskom CEO, reportedly told the Reuters Africa Investment Summit that asset sales were being considered as a way to raise capital.
This came shortly after Finance Minister Nhlanhla Nene, two weeks ago, refused to name the non-core state assets which would be disposed of in bid to raise capital for the struggling Eskom.
Nene, speaking shortly after his budget speech, said the sale was almost completed. “No matter how much we would actually want to identify these non-core state assets, it will not be prudent and proper to share the names when we are at a sensitive stage of the transaction, which is very close to being concluded,” the minister told Sapa at the time.
“We reconfirm the R23bn coming from the sale of some of our non-core state assets,” he said, adding that government had invested in private sector entities where government was not supposed to be.

About Gladys Johnson

Gladys Johnson The Publisher/Editor-In-Chief Global Business Drive Phone: +13465619347, +19796619107 Email: gladysjohnsonmedia@gmail.com, globalbusinessdrive@gmail.com

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