Acsa, a litany of woes and mistreatment of minority shareholders
In 2019 the average annual wage per Acsa employee was R526,000 and payroll costs increased by 17%
Airports Company SA (Acsa) recently released its 2019 results. Acsa is unique among state-owned entities (SOEs) in that it has private-sector minority shareholders and is ostensibly a well-run monopoly, not reliant on government guarantees and bailouts.
Acsa has also issued bonds on the JSE debt market. This article is an exploration of the Acsa 2019 results by Oppressed Acsa Minority 1 (Pty) Ltd (OAM1), a minority shareholder that has been engaged in a four-year long legal struggle against the department of transport and Acsa, seeking an exit from Acsa at fair value...