The SABC, the embattled public broadcaster, will sell off a number of properties it owns in an attempt to unlock funds.
According to BusinessLive the SABC had issued notices to cancel leases on non-core properties from 1 December. The corporation has numerous properties in South Africa and the United Kingdom, cumulatively worth R75 million. It recently sold a flat in London for R18 million.
The SABC said it would hold a public auction for the properties it is getting rid of. It said in a statement: ‘The SABC will therefore not be able to offer right of first refusal to current tenants, as the process to purchase the properties will be open to the public. This decision is part of the recommendations of the process undertaken in line with the PMFA.’
The SABC has been under much pressure in recent times and had to put planned retrenchments on ice thanks to what was effectively a staff revolt. It has received a government bailout of more than R3 billion last year, which was conditional on it reducing its wage bill, difficult to achieve in the current political and economic climate.