Sale of SAA stake not a done deal, says Ramaphosa
Takatso consortium still conducting due diligence on acquisition of majority stake in national airline
President Cyril Ramaphosa says the plan to sell the government’s majority stake in SAA, the grounded national carrier, is not a done deal.
“Only after [the due diligence is completed] will the rubber hit the road,” Ramaphosa said during a news conference in Cape Town on Tuesday, where he unveiled plans to improve the functioning of SA’s ports.
Last week, Public Enterprises Minister Pravin Gordhan announced that Takatso, a consortium consisting of Harith General Partners, which manages two private equity infrastructure funds, and Global Aviation, an airline leasing company, is to acquire 51% of SAA, while the government will retain 49%.
Takatso has undertaken to invest R3bn in SAA over three years.
Harith co-founder and Takatso chair Tshepo Mahloele is chair and founder of Lebashe, which owns Business Day.
Ramaphosa said the deal is still going through due diligence phase, and “this does not mean the deal is done”.
“During a due diligence, a whole number of things can [happen] ... We are in preliminary stages and their own [Takatso’s] ability to raise the money will also depend on what they find in SAA. Afterwards a decision will be made by both sides,” Ramaphosa said.