File Image: Eskom Chief Executive Phakamani Hadebe presenting the company Annual Financial results at their offices in Sunninghil North of Johannesburg. Photo: Simphiwe Mbokazi/African News Agency/ANA.

CAPE TOWN - The National Union of Metalworkers of South Africa (Numsa) referred to Eskom as the " the enemy of the working class", after it criticised bid to privatise the power utility. 

According to a report by EWN, The union says it has been reliably informed that there is an intention to privatise the power utility, and it has informed the board of this.

Eskom has confirmed that irregular expenditure ballooned to over R19 billion.

Numsa says that it is convinced that the financial implications at the utility will lead to the privatisation of Eskom.

Spokesperson Phakamile Hlubi-Majola says that the union is against any plans of transferring the entity into private ownership.

Currently, Numsa is demanding that workers are paid bonuses. However, Eskom has indicated that this cannot be given as it is under financial constraints.

However, the troubled state-owned power utility scored big on Tuesday, signing a US $2.5 million (about R33 billion) term facility agreement with the China Development Bank, in a bid to plug the holes in its balance sheet. 

Eskom chief executive Phakamani Hadebe said the $2.5 billion loan agreement was "strategic" for the power utility both for investment and capital growth, and moved Eskom's funding for the year from 22 percent to 66 percent.

Follow Business Report on Instagram here