Transnet to spend more on expansion

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IOL image TransnetPort INDEPENDENT MEDIA Transnet's Durban container port. File picture: Simphiwe Mbokazi

Johannesburg - South Africa's logistics group Transnet said on Monday it has raised the money it needed for plans to expand railways, ports and pipelines in Africa's most advanced economy.

State-owned Transnet said its seven-year infrastructure investment programme, now in its third year, will cost 312.2 billion rand, up from 307.5 billion rand previously.

The group said in a statement its profit for the year to the end of March rose 25 percent to 5.2 billion rand while capital investment for the period increased 15.6 percent to 31.8 billion rand.

The company said it did not expect a ratings downgrade in mid-June by Standard & Poor's, received in line with a national downgrade, to affect its borrowing capabilities as it was not below investment grade. - Reuters

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