JOHANNESBURG, June 11 South Africa’s government announced today it would sell a majority stake in cash-strapped flag carrier SAA to a consortium that includes the operator of a local budget airline. The airline, which is emerging from a rescue plan, will effectively be privatised as investors.
Public Enterprises Minister Pravin Gordhan has revealed the new strategic equity partner of State-owned airline South African Airways (SAA) – black-owned consortium Takatso.
Takatso, which is Sotho for aspire, comprises Pan African infrastructure development fund manager Harith General Partners and Global Airways and will own 51% of the airline.
Government has agreed to sell its majority stake in SAA to a local jet leasing company and private equity firm, ridding itself of an entity that has long been a drain on state finances.