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About: http://data.cimple.eu/news-article/dcb2d4ff3ddb0724f7f0679463edba002e93a8c4df4c785889335f83 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	South Africa's government announced Friday it would sell a majority stake in cash-strapped flag carrier SAA to a consortium that includes the operator of a local budget airline, effectively privatising it. The airline, which is emerging from a rescue plan, will effectively be privatised as investors will hold a majority stake. "Having evaluated the current environment, government has agreed to the (strategic equity partner) owning of 51 percent of the shareholding and government 49 percent," Public Enterprises Minister Pravin Gordhan said in an online media conference. The consortium includes Harith General Partners, an investor in African infrastructure and airports, and airline management firm Global Airways, an aircraft leasing firm which recently launched local budget airline LIFT. "With this partnership, we believe we are closer to achieving the important objective of having a sustainable national airline," Gordhan said. "The new SAA will not be dependent on" the government. SAA, one of the continent's largest airlines, was placed under a state-approved rescue plan in December 2019 in an effort to save it from collapse. The carrier, Africa's second largest after Ethiopian Airlines, had not posted a profit since 2011 and survived for years on state bailouts. A symbol of the mismanagement of state-owned enterprises that characterised ex-president Jacob Zuma's reign, the airline was forced to abandon many routes even before the Covid-19 pandemic. The consortium, whose name Takatso translates to "aspire" in Sesotho, will initially inject 3.5 billion rand ($255 million; 211 million euro) into the airline. "The partnership represents a robust, exciting South African-bred solution," said the consortium chair Tshepo Mahloele, who is the founder of Harith, which owns Lanseria airport in northern Johannesburg. Takatso CEO and co-founder of LIFT Gidon Novick expressed confidence that SAA would turn into an efficient and innovative airline which that could catalyst for growth of the country's economy. "We believe it is the best time," he said during the briefing. "Airline models around the world are being challenged... We have the capital and financial insights of Harith," said Novick. cld-sn/lth
schema:headline	South Africa agrees to privatise troubled SAA airline
schema:mentions	Pravin Gordhan South African rand Jacob Zuma Ethiopian Airlines Johannesburg General officer Africa South Africa Chief executive officer Pandemic Coronavirus disease 2019 Lanseria International Airport Sotho language Partnership Largest airlines in the world Aircraft lease 49 Percent Urban renewal Low-cost carrier Flag carrier
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-06-11 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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