Minister of Public Enterprises Pravin Gordhan has announced the termination of negotiations for the transaction to sell 51% of South African Airways (SAA) to the Takatso Consortium. The collapse of the negotiations - which put an end to the sale to the equity partner - was announced during a media briefing by the Minister in Cape Town on Wednesday evening.
Following three years of negotiation, Minister of Public Enterprises Pravin Gordhan has announced the termination of negotiations for the transaction to sell 51% of South African Airways (SAA) to the Takatso Consortium. The collapse of the negotiations - which put an end to the sale to the equity partner - was announced during a media briefing by the Minister in Cape Town on Wednesday evening.
Gordhan explained that while three years ago, a valuation of SAA's business and assets had been reached, circumstances have now changed - prompting a disagreement on the revised transaction structure. Three years ago, the airline had undergone business rescue, battled through being grounded and was facing serious challenges following the COVID-19 pandemic. "Late last year, clearly, we had a different market, we had a different economy, and we had a different flying public in terms of numbers of people that were flying and a new valuation was done. "And the new valuation...the business came out now at a value of R1 billion and the property went up to about R
South African Airways Negotiations Sale Equity Partner Collapse
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