Denel not for sale: chairperson

JOHANNESBURG - Denel board chairperson Monhla Hlahla appears to have distanced herself from Saudi Arabia's proposed deal to invest in the arms company.

"The PFMA is quite clever at making sure that our thinking on anything is using the different levels.

"The board of Denel is neither selling Denel or RDM and I want to be clear on that not today," said Hlahla.

READ: Denel suffers losses of over R1bn

 

Government says talks are under way in an effort to save the ailing state-owned enterprise.

Denel, which makes weapons, missiles and armoured vehicles for the South African armed forces and clients in Africa, the Gulf and Europe, is battling to stay afloat after reporting a R1.7-billion loss.

President Cyril Ramaphosa said Denel was "ripe" for joint venture partnerships after Saudi Arabia offered to take a stake in the company.

READ: Denel pulls trigger on CFO

On Saturday, Denel announced that chief financial officer Odwa Mhlwana has been fired with immediate effect.

The decision was made public after a disciplinary hearing found him guilty of irregular expenditure and failing to act in the best interests of the company.

Karima and Peter sat down with Denel Board Chairperson Monhla Hlahla for an update of the clean-up that’s started at SA’s arms manufacturer shortly after President Cyril Ramaphosa took over as President.