January 31, 2020 / 10:14 AM / 23 days ago

S.Africa's Eskom seeks to drive harder bargain on funding costs-CEO

JOHANNESBURG, Jan 31 (Reuters) - South Africa’s state-owned power utility Eskom is in discussions with treasury and advisors to drive a harder bargain with creditors over its debt financing costs, new chief executive Andre de Ruyter said on Friday.

Eskom, which produces more than 90% of South Africa’s electricity, is hamstrung by debts totallying some 450 billion rand ($31.40 billion).

“There’s an opportunity for us from an Eskom treasury perspective... to rather frankly drive a harder bargain with our creditors,” said de Ruyter. (Reporting by Emma Rumney Writing by Tanisha Heiberg Editing by Tim Cocks)

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