Zim 'owes Eskom R74m'
11/10/2004 14:07  - (SA)  

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Zimbabwe Special Report  Latest Zimbabwe Stories

Cape Town - The total liability of the Zimbabwe Electricity Supply Company (Zesco) to South Africa's power utility Eskom stood at R74m as at September 21, says Public Enterprises Minister Alec Erwin.

Replying in parliament to a written question from Democratic Alliance's Ian Davidson, the minister said the debt was nominated in rands.

"The debt is secured with a debt repayment agreement of the rand equivalent of US$1.5m per month," he told Davidson.

Asked whether these arrangements included the capitalisation of the debt into an equity stake in Zesco by Eskom, and what Zesco's current market capitalization was and at what stage such arrangements would come into effect, Erwin said this was not applicable.

- I-Net Bridge (Business)

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