National Property Portfolio on Auction

National Property Portfolio on Auction
Loading

Fund unconcerned about Sanral debt

May 3 2012 at 10:34am
By SAPA

Comment on this story

Toll plan Gauteng

Independent Newspapers

A toll gate on the N1 North just before the Beyers Naude offramp in Gauteng. Photo: Dumisani Sibeko

The Government Employees Pension Fund, which holds 50 percent of the Sanral's issued debt, is not unduly concerned about the agency's potential debt-servicing difficulties, Business Day reported on Thursday.

On April 28, the SA National Roads Agency Limited's plans to introduce e-tolling were halted by a last-minute court ruling.

According to the fund's acting principal officer John Oliphant, although the fund held R15 billion in Sanral bonds, this represented only 1.5 percent of its total assets.

Oliphant, with other senior executives, was briefing Parliament's portfolio committee on finance on Monday.

The bond market had hardly responded to the e-toll ruling, the daily reported.

Leon Myburgh, Citi’s sub-Saharan Africa strategist, told Business Day: “I don’t think the market is paying too much attention. Because there is a government guarantee, I think the market looks at it and says, ‘If Sanral doesn’t pay up, government will.’ “ – Sapa


sign up
 
 

Comment Guidelines


  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

 IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
IOL Travel

Make sure you find the best available airfares with our easy-to-use search engine.

Travel_pic_enw
Sudoku