Gordhan unveils sale of 51% stake in SAA
Harith General Partners and Global Airways make up the Takatso Consortium, which has been selected as the preferred strategic equity partner for the airline
The government has sold control of SAA to a group of investors comprising Harith General Partners, an investor in African infrastructure and airports, and airline management firm Global Airways, offloading a company that has been a drain on the fiscus.
The deal with the Takatso consortium comes six weeks after the airline, one of the most high-profile victims of state capture and corruption during the Jacob Zuma presidency, emerged from a 16-month-long business rescue. That process allowed it to leave behind its hefty financial baggage — employee costs and debt repayments — to allow turnaround specialists to slim it down, dress it up for an equity partner and wean it off government bailouts...