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
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• BRICS plans a guarantee fund to reduce political and financial risks in developing countries.• The fund will be managed by the New Development Bank...
BEAC granted Afreximbank the first-ever foreign access to the CEMAC public securities market. Cameroon raised $359.3 million via a...
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
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

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

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.