The future of South African Airways (SAA) remains blurred. While the government stresses that the takeover deal with Takatso Consortium for a 51 percent share is not at risk, other reports state that the consortium has yet to raise the required ZAR 3.0 billion to complete the transaction that was announced in June 2021. Takatso still believes in the transaction, but calls out to hurry up. Future of South African Airways remains blurred.
State-owned SAA’s position has been weak for years as it was run inefficiently and accumulated huge losses. The airline went into business rescue in December 2019 with the aim of selling off part of SAA to private investors. That’s why Pravin Gordhan, minister of the Ministry of Public Enterprises (DPE) was so happy on June 11 last year that after a “rigorous, year-long process” Takatso Consortium had been selected as the preferred strategic equity partner. Takatso would take a 51 percent share, with the South African state retaining a 49 percent share. It also keeps the golden share that allows it full veto on matters of national interest while also keeping a minimum stake of 33.3 percent in case the consortium raises wants to raise its share.
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