In mid-February, ahead of the national budget, Treasury’s Asset and Liability Management Division briefed the Standing Committee on Appropriations about the situation at various SOEs, including SAA. The Division reported that SAA is “…no longer technically insolvent” and had a net equity value of R1 billion at the end of 2022. Treasury said that it had budgeted for a loss of R637 million and that SAA had improved on this, with net group losses amounting to ‘only’ R50 million.
