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Futuregrowth’s announcement does not place Eskom’s funding plan at risk
Thursday, 01 September 2016: Eskom notes the comments by local asset manager Futuregrowth Asset Management regarding investments in certain State Owned Companies (SOCs) including Eskom. Local asset managers provide considerable support to the funding of SOCs and the general local bond market.
Eskom regularly engages with asset managers and other relevant financial institutions and will continue to do so. To this end, Eskom completed a domestic road show to meet with local asset managers in August 2016, including Futuregrowth Asset Managers, and current concerns were not raised. Eskom will however, continue to engage with Futuregrowth Asset Managers and the broader investor community to understand the recent concerns raised regarding current and future investments into Eskom.
“As at the end of August 2016, Eskom has available liquidity of approximately R38 billion and has secured more than 57% of its borrowing requirement of R69 billion for the financial year 2016/17. Consequently, the announcement by Futuregrowth Asset Managers does not place Eskom’s funding plan at risk and I am confident that the funding for the year will be raised,” said Anoj Singh, Eskom’s Chief Financial Officer.