SOUTH Africa’s government has retained special voting rights in the country’s national carrier even after selling a majority stake, and will be given R3-billion in preference shares that can be redeemed through future cashflow.
That means the state stands to benefit should new owner, the Takatso Consortium, revive a carrier that’s struggled under years of heavy losses, corruption and mismanagement, according to a statement from the Department of Public Enterprises on Thursday.
Takatso — made up of a local jet-leasing company and private-equity firm — will provide R3-billion in working capital and has valued SAA’s assets at about the same amount, the department said. The group agreed to take control of the airline almost a year ago for a notional sum of about $3, in return for spending commitments and responsibility for operations.
“The 51 rand was a nominal sum set some time ago when SAA was not at all a
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