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Why cash-strapped Denel can still sell debt
Denel, South Africa’s State-owned arms manufacturer, is tapping bond markets – and finding buyers for its debt – even after seeking emergency funding in the past two months to pay staff salaries. The company, one of several state-owned entities struggling to stay afloat after years of financial mismanagement, sold R50-million of two-year floating-rate notes this week, according to a stock exchange notice.
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