JOHANNESBURG - The South African Post Office is set to come out of business rescue three years after embarking on the process.
The practitioners launched an application in the Pretoria High Court on 12 June to have the rescue proceedings terminated.
The rescue practitioners argued that the Post Office’s financial situation was now more stable.
In the twelve months to end March this year, revenue increased by about R2million.
READ | SA Post Office faces uncertain future
However, the entity still ran at a loss of R71 million, compared to a net loss of R514million in the previous financial year. This is reportedly the lowest net loss recorded over the past several years.
Under business rescue, over 4,000 workers lost their jobs, and 366 branches were closed.
A new board has now been appointed and is expected to start its tenure on 22 June
Fathima Gany, the Acting Chief Executive Officer, said a high-care leadership team will take over from the rescue practitioners.