Govt step closer to selling stake in SAA
Cabinet has confirmed on Thursday that further progress has been made in the disposal of the majority of shares in South African Airways.
The national carrier aims to sell 51% of its shares to the Takatso Consortium.
The South African Airways has been battling to keep its wings in the sky, largely due to maladministration and mismanagement of funds.
In the 2020/2021 financial year SAA received an additional R10.5 billion for the implementation of its business rescue plan, R2.7 billion was diverted to its subsidiaries in terms of a special appropriation bill in 2021.
"Cabinet was informed that further progress had been made in the disposal of 51% of shares in the SAA to the Takatso Consortium, the preferred Strategic Equity Partner for the SAA. It comprises Harieth General Partners, a leading investor in African infrastructure and airports, and airline management firm Global Airways,” it said in a statement on Thursday.
"The sales and purchase process has now been concluded and signed by the Department of Public Enterprises and Takatso Consortium. The next step involves the approval of this transaction by various regulatory bodies. The public will be updated on further developments in this regard." statement read.
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