Former SA Post Office CEO wants to buy the institution

The past few years have been difficult for the South African Post Office. The institution is in a dire financial state but its former CEO, Mark Barnes believes it can still be saved. He's offered to lead a consortium to raise funds to buy between 60 and 75-percent of the Post Office. He spoke with eNCA's Heidi Giokos. Courtesy of #DStv403

JOHANNESBURG - Former Post Office CEO Mark Barnes is offering to buy a majority stake at the Post Office.

He believes the institution can still be saved.

READ: Advocacy group calls on Social Development to save SAPO

SAPO is currently in a dire financial station.

Barnes says there's potential to turn it into a proper business model.

He said, "this requires capital, you can't starve a developing mindset with no money. We will be prepared to invest capital, not only in what is there now, but in an agreed funding of future losses to get this thing up to scratch."

"10-percent of shares will be opened by the staff and unions."

"We will create vested interest and common purpose. In fact, this isn't a discussion about the Post Office, this is a discussion of South Africa, we lack common purpose."


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