SAPO Seeks Court Exit From 2-Year Rescue After Cutting Debt to R440 Million
Updated
Updated · businessreport.co.za · Jun 18
SAPO Seeks Court Exit From 2-Year Rescue After Cutting Debt to R440 Million
2 articles · Updated · businessreport.co.za · Jun 18
Summary
June 12 marked SAPO’s application to the Pretoria High Court to end business rescue and file notice that its turnaround plan has been substantially implemented.
R8.7 billion in creditor debt was cut to R440 million, while more than 99% of approved creditors received 12 cents on the rand—better than the 4.08-cent liquidation estimate.
4,342 jobs were cut and 355 branches closed during the two-year process, leaving 657 branches; monthly staff costs fell to R115 million from R211.9 million, saving about R1.2 billion a year.
For the year to March 31, 2026, revenue rose to R1.54 billion and net loss narrowed to R71 million from R514 million, with net assets improving to a positive R840 million from negative R7.9 billion.
A new board starts June 22, but SAPO says growth and modernization still need shareholder-led capital after a planned R3.8 billion funding tranche for IT and digital upgrades lapsed.