Johannesburg - South African logistics group Transnet raised R12 billion ($853 million) through a syndicated loan to fund part of a spending plan on new trains, it said on Monday.
Transnet, whose wagons transport commodities such as coal, iron ore and fuel, has been expanding and revamping railways, pipelines and ports in Africa's most industrialised economy, which is struggling with flagging growth.
Transnet said the money would be raised from several banks that include Nedbank, Bank of China, Barclays Africa Group and the asset management arm of insurer Old Mutual.
The loan brings Transnet's funding for new trains to R48 billion out of a total R50 billion, said chief financial officer Garry Pita.
REUTERS