The minority shareholders in the Takatso Consortium have agreed to sell their shares.
A global investment bank has been appointed to investigate potential buyers and do an evaluation of the assets of SAA.The minority shareholders in the Takatso Consortium have accepted the Competition Commission condition that they exit the strategic equity partnership with South African Airways in order for the deal to go through.
"We will use our best endeavours to sell our minority stake, but obviously the outcome cannot be guaranteed," Novick told News24."It's a pity. We really wanted to play a meaningful role in a successful privatisation in this country." In terms of the Takatso deal, the consortium would obtain 51% of SAA's shares and provide the airline with a capital injection of R3 billion over two years. The Department of Public Enterprises , as government's shareholder representative, would keep 49%.
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