JOHANNESBURG – The Post Office could be out of business within a month.
The parastatal is in desperate need of funding, according to its CEO Mark Barnes.
With revenue under pressure, Sapo loses R125-million every month.
It’s closed down at least 25 offices and must pay its creditors within weeks to survive.
The Post Office was R800-million in debt in March.
It was, however, given R650-million by government in the budget speech.
Investors are shying away from the state entity as it fails to produce positive revenue streams for the future.