Public Management

Takatso to acquire 51% stake in South African Airways

Takatso to acquire 51% stake in South African Airways
Friday, 11 June 2021 17:52

South African Public Enterprises Minister Pravin Gordhan recently announced in an interview that equity partner, Takatso - a consortium made of South African-based ACMI specialist, Global Airways, and pan-African investor group Harith General Partners - is set to acquire 51% shareholding in South African Airways (SAA).

The partnership between the government and the strategic equity partner will see the South African government retaining a minority stake of 49% in SAA. The majority black-owned consortium will be injecting over R3 billion (more than $221.60 million) into the struggling airline.

The deal comes six weeks after the airline emerged from lengthy bankruptcy proceedings, consequently reducing its workforce by almost 80% and cutting liabilities. Also, the company has not yet reached an agreement with its pilots over outstanding salaries.

Three months ago, the SAA Pilots’ Association (SAAPA) brought SAA to the Labour Appeal Court of South Africa, claiming that the airline had pending wage payments for the last six months of 2020. On top of that, the association also demanded domestic and international meal allowances from before the air carrier went into business rescue in December 2019 – amounting to about $1 billion (R11 billion).

"Government and the ANC [have] indicated over some time the intention to restructure SAA. The airline was placed into business rescue in December 2019 and since then our objective has been to ensure a viable and competitive airline and once launched, not reliant on the fiscus," said Gordhan.

Solange Che

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Proparco commits $17.25 million to Alterra Africa Accelerator Fund Fund targets established African companies with expansion...
MobileMoney Fintech CEO says company may list within 3–5 years Listing would allow users to invest in the company via mobile channels Ghana’s stock...
Government begins third 100-day performance review on April 20, 2026 GDP growth projected to rise from 9.2% to 10.2% Industry, services and...
Fitch says debt restructuring could come before any new IMF program Public debt near 91% of GDP keeps pressure on finances LNG project fuels...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...

Mahindra & Mahindra Eyes Major Shift to Full Vehicle Assembly in South Africa
03

AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...

AFC Backs First Green Project Finance Bond for 66MW Côte d’Ivoire Solar Plant
04

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
05

MTN Ghana launches crackdown on mobile money agent fraud Audits trigger warnings, suspensions...

MTN Ghana tightens controls on mobile money agents over fraud concerns
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.