SABC saves R45m on loan interest

2013-10-07 16:51

The SABC saved more than R45 million in interest through the early payment to Nedbank of its R1 billion government guaranteed loan, the public broadcaster has said.

“The paying off of this loan is really exciting news for the organisation, as this will enable energies and monies to be re-focused on other areas such as content development,” board chairwoman Ellen Tshabalala said in a statement.

Thanking the broadcaster’s management team, she said it had not been easy for the team to make sure the loan was paid before the deadline.

“As the new board, we will ensure that the SABC does not find itself in a similar situation,” Tshabalala said.

The SABC settled the loan at the end of September, instead of the due date of November 28 2014, paying R219m in interest rather than more than R264m.

The SABC received the loan at the end of 2009 after reporting cash flow problems.

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