Eight months after announcing the entry of a strategic equity partner for national airline, South African Airways, government has announced the conclusion of the sale and purchase of a majority stake in SAA by the Department of Public Enterprises (DPE) and its strategic equity partner for the airline, the Takatso Consortium.
The Takatso consortium, which consists of Global Airways, owners of low-cost airline LIFT, and infrastructure investment firm Harith general partners, will take up 51% of the National airline’s shareholding.
It is expected that the new partners will pump up to R3 Billion onto the airline project over the next 3 years.
In a statement to Fin24, Takatso said it is “confident that the relaunched SAA has strong growth prospects domestically, regionally and internationally”
“The consortium is working with the DPE to fulfil the conditions of the transaction timeously” and that “All matters related to the Business Rescue process of SAA will be resolved during this time.”
According to the presidency, “The next step involves the approval of this transaction by various regulatory bodies”
