The government has announced the sale of a majority stake at cash-strapped SAA with a black-owned consortium pumping in more than R3 billion to get the majority slice of the stake.
Public Enterprises Minister Pravin Gordhan announced on Friday that Takatso Consortium would own 51% of the airline while government would have a 49% ownership.
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.
SAA Consortium partner: More questions than answers
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For years, the DA called for South African Airways (SAA) to be privatised. Public Enterprises Minister Pravin Gordhan has today, after long-awaited fanfare, announced Takatso Consortium as the new strategic equity partner for South African Airways. However, this may be too little too late for the bankrupt airline, and there are a plethora of concerns surrounding the deal.
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