South Africa's Transnet sees expansion spend rise 24 bln rand

JOHANNESBURG (Reuters) - South Africa’s state-owned logistics firm Transnet expects its capital expansion plan will now cost 336.6 billion rand ($27.07 billion), up from 312.2 billion a year ago, the company said on Tuesday. Transnet is four years into a seven year plan to expand railways, pipelines and ports in Africa’s most advanced economy as part of what CEO Siyabonga Gama calls “counter-cyclical” spending as economic growth hovers around 2 percent.