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SA’s government in talks with potential private partners for national airline’s restructuring plan, Cyril Ramaphosa confirms

Tuesday, 15 October 2019 15:48
SA’s government in talks with potential private partners for national airline’s restructuring plan, Cyril Ramaphosa confirms

(Ecofin Agency) - South African Airways may soon attract new private partners for its restructuring plan, the country’s President Cyril Ramaphosa said on October 14, speaking at the Financial Times Africa Summit, in London.
“We have put on record we are open to the participation of the private sector. We are talking to a few interested parties when it comes to SAA, for instance,” he said. The President provided no clue on the identity of the potential investors but earlier this month, Ethiopian Airlines expressed its intention to invest in the South African company, if it has the opportunity. However, Ethiopian Airlines is a 100% public company.
South African Airways has not made any profits since 2011 and has constantly shelved the publication of its financial reports due to major challenges. The airline now solely relies on fund injection from a government that is also facing significant constraints. In a recent presentation to the South African Parliament, the company reported having a debt of 12.5 billion Rand ($868 million). A liability that any potential partner should consider before committing to it.
Idriss Linge





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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