Transaction Capital, which owns WeBuyCars and SA Taxi, may secure $60 million in funding from two international development finance institutions to help prop up its ailing minibus taxi financing business, though it warned that many hurdles need to be cleared before it can access the money.
In an investor call on Tuesday, Mark Herskovits, Transaction Capital’s chief investment officer, stressed that the additional funding is conditional on the outcome of ongoing debt restructuring talks with SA Taxi’s creditors. The pre-close call came after Transaction Capital announced late on Monday that CEO David Hurwitz would step down at the end of 2023, following a massive loss in the listed group’s share price this year.Get 14 days free to read all our investigative and in-depth journalism.
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