The state-owned bus company Northwest Transport Investments, which transports more than a million people a day, is seeking a bailout of R350 million.
The transportation of hundreds of thousands of commuters mainly in the North West and Gauteng provinces and more than 1,600 jobs are at risk due to the financial distress of parastatal Northwest Transport Investments (NTI).
The 46-year-old company – which owns Northwest Star, the Star Line, and the Atteridgeville Bus Service – has applied to the North West government (its sole shareholder) for a bailout of more than R350 million, NTI chairman, Mojalefa Nale, confirmed to Business Insider SA. The company has outstanding debts of about equal to that amount.
In August, a high court judge placed the company into provisional liquidation, after an application from Driveshaft Baleka, which is a Pretoria-based company that rebuilds and manufacturers propeller shafts.
It was owed R890,000 b