There is no Saudi proposal on Denel under consideration: Gordhan

File: Public Enterprises Minister Pravin Gordhan added that if any sale of Denel shares were to take place it would follow a transparent, public process.

File: Public Enterprises Minister Pravin Gordhan added that if any sale of Denel shares were to take place it would follow a transparent, public process.

Reuters

JOHANNESBURG - The South African government is not considering any proposal from Saudi Arabia on taking a stake in struggling state arms company Denel, Public Enterprises Minister Pravin Gordhan said, after the Gulf country offered to partner with Denel last year.

"There is no proposal from the country in question under consideration," Gordhan said, answering a question from an Inkatha Freedom Party lawmaker about whether the government was considering selling a stake in Denel to the Saudis.

READ: Denel not for sale: chairperson

Gordhan added that if any sale of Denel shares were to take place it would follow a transparent, public process.

Saudi Arabia said on Saturday that it's planning to build an oil refinery and a petrochemicals plant in South Africa.

It's part of a $10-billion (R138-billion) investment in the country. 

The country was also expected to invest billions of dollars in South Africa’s renewable energy programme.

Source
Reuters