Pretoria announces new SAA strategic partner
11.06.2021 – 08:02 UTC
The South African-based black-owned Takatso consortium was selected as a 51% New Preferred Strategic Partner (SEP) of South African Airways (SA, Johannesburg OR Tambo), with the government retaining a 49% stake, Public Enterprise Minister Pravin Gordhan said. said in an online press conference on June 11.
The consortium includes Harith General Partners, a leading investor in African infrastructure and airports, including Lanseria, and specialist ACMI and airline management firm Global Aviation Operations (GE, Johannesburg OR Tambo), which also owns the virtual airline brand Lift Airlines (GE, Johannesburg OR Tambo).
Gordhan said the intention was to list the new ASA to meet future funding needs. The government would maintain an undilutable “gold share” of 33% of the entity’s voting rights in order to protect certain areas of national interest, for example by ensuring that it remains domiciled in South Africa and reaches the national transformation goals.
To begin with, the consortium would inject more than ZAR 3 billion (USD 221 million) into the new ASA and raise additional capital if necessary. The government would not provide …
Editorial comment: Updated with additional comments from Harith spokesperson Khaya Buthelezi. – 12.06.2021 – 15:32 UTC
The government has in principle an agreement with the strategic partner of SAA
03.06.2021 – 07:47 UTC
The South African government has reached “an agreement in principle” with an as yet unknown strategic partner for the relaunch of South African Airways (SA, Johannesburg OR Tambo), said Public Enterprise Minister Pravin Gordhan.
“There is an agreement in principle on the possibility of a partnership,” he told Parliament’s SOE portfolio committee on June 2, 2021. The two sides were now conducting due diligence procedures, a process which should be concluded within four to eight. weeks. He refused to disclose the identity of the strategic partner for “commercially sensitive” reasons.
He said the agreement in principle was that the private sector private equity partner would inject new capital for the airline’s revival, while the government would spend ZAR 14 billion ($ 1 billion) on ” clean up âthe airline’s historic debts. âThis is the big deal that we really made,â he said.
He said that once the due diligence process is completed, a buy and sell agreement will be made, which will finalize the deal. âIn this process, we have to make sure that we …