South Africa’s arms firm Denel ripe for joint venture partnerships – Ramaphosa


JOHANNESBURG – South Africa’s struggling state-owned arms firm Denel is “ripe” for joint venture partnerships, President Cyril Ramaphosa said on Thursday, but added Pretoria would want to retain control if any deal went ahead.

Ramaphosa said he hadn’t yet applied his mind to a bid for Denel by Saudi, or any of the other bids for the loss-making firm which makes military kit for the South African armed forces and clients in Africa, the Persian Gulf and Europe.

“It is one of those entities that is ripe for joint venture partnerships, where we would bring in an equity player with financial resources, new technology and so forth,” he said. (Reuters)