SAA relaunches with equity partner – Minister Gordhan promises no more bailouts
SAA will be owned by the Takatso Consortium (51%) and the government (49%)
The new airline will have a strong transformation mandate
A listing on the JSE may be on the cards in future
A rebirthed South African Airways (SAA) will be owned by the government and strategic equity partner Takatso Consortium (“aspire” in Sesotho).
Takatso Consortium will own 51% against the government’s 49% holding.
The consortium consists of Lanseria Airport owner Harith General Partners and Global Aviation.
SAA went into business rescue in 2019 and emerged in April 2021.
“Once again, so we understand this clearly, this airline is not dependent on the fiscus,” assured Public Enterprises Minister Pravin Gordhan on Friday during the announcement.
Gordhan said the intention is to eventually list the airline on the Johannesburg Stock Exchange.
Mandy Wiener interviewed Eyewitness News Parliamentary correspondent Babalo Ndenze and Guy Leitch, Editor at SA Flyer Magazine (scroll up to listen).
R3 billion in initial capital will be pumped in by the strategic partner…Babalo Ndenze, parliamentary correspondent - Eyewitness News
They will be promoting black pilots mostly, and women…Babalo Ndenze, parliamentary correspondent - Eyewitness News
On balance, it’s a welcome relief… There is now light at the end of the tunnel, and it's probably not a train…Guy Leitch, Editor - SA Flyer Magazine
Who will fund Harith? … Will the airline be commercially successful? … I’m expecting to see a further bailout…Guy Leitch, Editor - SA Flyer Magazine
SAA, five or six years ago, was just about to get into bed with Emirates. It would’ve been a lifesaver… The deal was scuppered by Dudu Myeni on purely political grounds…Guy Leitch, Editor - SA Flyer Magazine
This is probably the best result that could’ve been obtained… The airline will continue to be burdened by an almost uniquely South African problem, the strong development mandate…Guy Leitch, Editor - SA Flyer Magazine
Source : https://www.123rf.com/photo_111641258_windhoek-namibia-may-29-2018-close-up-exterior-south-african-airlines-plane-parked-at-windhoek-inter.html