South African Airways has found new wings, as the Department of Public Enterprises today announced a ground-breaking public-private partnership for SAA, which will see 51% of the airline’s ownership transferred to a Strategic Equity Partner and 49% to Government.
Minister Pravin Gordhan says the aim is to relaunch SAA as a viable national airline.
The Black-owned; South African-based Takatso Consortium has been selected as the preferred Strategic Equity Partner. They will be responsible for funding the airline, and have already raised R3 billion in funding.
This means the relaunched SAA will soon no longer need state funding, which really means the taxpayer will no longer have to bail-out the national carrier.
Minister Gordhan says in addition, the potential future listing of SAA will allow all South Africans to participate in its success.
SAA’s domestic and regional services are expected to restart later this year, and international flights thereafter.
Takatso CEO, and former Comair Co-CEO, Gidon Novick, says efficient, customer service and innovation is central to their business plan to get SAA back in the skies again as a competitive global airline.
Once the due diligence exercise is completed and the definitive sale and purchase agreement is concluded, further details will be released.
STATEMENT: MINISTER GORDHAN ANNOUNCES PREFERRED STRATEGIC EQUITY
PARTNER FOR SAA SOC LTD pic.twitter.com/kXGZQaZ26Y— DPE_ZA (@DPE_ZA) June 11, 2021