State-Owned Aerospace And Military Technology Conglomerate Faces Liquidation

Denel SOC Ltd is a South African state-owned aerospace and military technology conglomerate established in 1992. The manufacture of weapons and army vehicles for South Africa’s armed forces as well as other clients in the Middle East and parts of Europe, according to the national treasury faces a risk of being placed under business rescue or further more liquidation due to its dire financial position exacerbated by the lockdown that was implemented in the country due to COVID-19. 

Ratings Agency Fitch has downgraded the battling entity’s credit rating further into junk status.

Add Your Comment