The government has given up its majority stake in the embattled national carrier, South African Airways.
Public Enterprises Minister Pravin Gordhan announced on Friday morning that Cabinet has agreed that SAA will in future be owned through a partnership between the government and a private equity partner.
In a statement released in conjunction with Minister Gordhan's announcement, the Takatso Consortium expressed its delight and commitment in being selected as the Preferred Strategic Equity Partner (SEP) for South African Airways.
The South African-based Takatso Consortium comprises Harith General Partners, a leading pan African investor in African infrastructure, and aviation group Global Aviation.
Harith co-founder and Consortium Chair Tshepo Mahloele said the Consortium has the experience, expertise, and capital to transform SAA into a substantial operating business in its own right.
The Takatso Consortium will own 51% of the airline and the Department of Public Enterprises 49%.
Mahloele said the intention is to list the airline in the future as one way of addressing future funding requirements and to enable all South Africans to take part in its success.
