Takatso Consortium on brink of finalising majority share in SAA
Takatso Consortium says it’s on the brink of finalising a deal that will secure their seat as the new majority shareholder of South African Airways (SAA).
Earlier his year Public Enterprises Minister Pravin Gordhan announced that the consortium will own 51%, while the government will have a 49% stake in the airline.
This follows years of turbulence faced by the business.
SAA’s tough times were further compounded by the Covid-19 pandemic, limiting its already crippled operations.
In April, the airline came out of business rescue followed by an announcement of a new strategic partner Takatso Consortium.
On Thursday, Takatso CEO Gidon Novick announced that due diligence had been done and they’re ready to move ahead with concluding the purchase.
“The agreement will be subject to various approvals and pre-conditions which are likely to take some time,” he said in a statement.
“In terms of recent indications that SAA will start flying again soon, the Consortium has provided input into the SAA business plan but at this stage it is not involved in the management or funding of SAA or any plans to relaunch the airline.”
A new board will be appointed following a successful transaction.
“We are making steady progress to conclude this complex transaction. We are grateful for all the assistance from the Department of Public Enterprises and the SAA management team.”
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