The SABC wants to sell its flat in London

The SABC has put up an odd collection of properties for sale, all of which form part of its property portfolio it has been mandated to dispose of, The Sunday Times reports.

Properties on the list include an apartment in London, a farm in Limpopo, an apartment block in Cape Town, flats in Mafikeng, and various homes in Tshwane townships.

The public broadcaster recently received a R2.1-billion bailout from the government, which was provided on various conditions – one of which was that the SABC offload its unorthodox property holdings.

The SABC’s property portfolio is worth around R75 million and is spread across South Africa and London.

A flat previously owned by the SABC in New Malden, London, was recently sold by the company for £880,000. The company told the Sunday Times that this flat was purchased to house foreign correspondents when the broadcaster still had a bureau in London.

The SABC did not state why it had purchased a farm in Tweefontein, but it did state that the apartment block it purchased in Cape Town was used to house SABC employees.

Bailout and road ahead

The SABC’s receipt of a R2.1-billion bailout is enough to keep the public broadcaster afloat for a while longer and avoid any complete blackouts.

Another R1.1 billion will be provided to the SABC, provided it meets a number of preconditions specified by the National Treasury.

The bailout comes after the SABC said that it was technically insolvent and is struggling to honour payments to service providers and contractual obligations.

In September SABC group CFO Yolande van Biljon said that the group’s financial position has worsened and that it ended the previous financial year with a cash balance of only R72 million.

“There are instances where we are unable to honour payments and even (unable) to adhere to committed contracts, which means we often need to renegotiate because we have been unable to meet the requirements,” van Biljon said at the time.

Following the sale of its property portfolio, the SABC should have a bit more capital with which to aid its disastrous financial position.

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The SABC wants to sell its flat in London