Report by : Gan Yung Chyan, KUCINTA SETIA
The Minister of Public Enterprise of South Africa, Pravin Gordan, announced at a press conference on 11 June 2021 that South African Airways, currently in the stage of bankruptcy and reorganization, has a new strategic partner Takatso Consortium, which means that South African Airways has achieved its goal of a "new life" with a solid step.
Gordan said that by then Takatso Consortium will own 51% of South African Airways, and the South African government will own 49% of South African Airways. According to the agreement reached between the South African government and Takatso Consortium, Takatso Consortium will take the lead in injecting R3 billion into South African Airways while retaining the original name of "South African Airways".
Gordan said that the South African government will not invest more money in South African Airways and all funds will come from Takatso Consortium. When all the acquisition processes are completed, the "new" South African Airways will be put back into operation.
Novik, CEO of Takatso Consortium, said that the core business philosophy of the "new" South African Airways is "efficiency, service and innovation", while striving to become the main force in South Africa's economic recovery.
Gordan pointed out that this cooperation aims to make South African Airways a sustainable and competitive international airline again. It also shows that South African Airways has the ability to solve problems independently.
As an airline with a history of nearly 100 years, South African Airways has been in a crisis of bankruptcy since 2019 and has been receiving commercial assistance from the South African government.
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