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Moody times for state enterprises

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Six South African state-owned enterprises (SOEs) have been trying to put out fires since early this month after a key local investor questioned their governance and declared a “capital strike”.

But now, they are hoping to have the financier back on board as early as this week.

Earlier this month, FutureGrowth Asset Management, which manages R170 billion, announced that it had decided to no longer fund six key SOEs owing to concerns about the independence of their respective boards after Cabinet formed a new oversight committee.

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