Gigaba denies selling Telkom shares to fund ailing SAA is a done deal

The mountain of debt at South African Airways (SAA) is one of Finance Minster Malusi Gigabe biggest issues. This week it was revealed that the airline cannot pay back the billions it owns to service providers.

Reports surfaced that SAA will receive a R10 billion cash injection and that the money will come from government selling their shares in Telkom to fund it.

EWN Reporter, Barry Bateman says Finance Minster Malusi Gigaba insists that this option has not been finalised.

Read: SAA could receive another R10billion cash injection from govt

Gigaba said that what is fact, is they got a R10 billion capitalisation that they need to sort out. But he went to great pains to try and say that what you heard earlier this week about selling shares in Telkom to try and fund this recapitalisation is one of the many solutions they are looking but nothing has been finalised.

Barry Bateman, EWN Reporter

Gigaba stated this at a media briefing after a Chiefs Executive Initiatives meeting. This meeting included chief executives in the country, who met to play their part in helping the country grow.

One of the executives involved in the meeting was Jabulane Mabuza, the chairman of the Telkom board. According to Bateman, Mabuza says that government needs to be careful of the information that is released to the public.

The concern that was raised by Mabuza is that government need to be mindful of what comes out into the public, where there are shares involved that are sensitive to the market.

Barry Bateman, EWN Reporter

Read: Parliament expresses concern over SAA's enormous debt

Despite the big problems SAA is facing, Bateman says that Gigaba is confident that they can bring stability to the airline.

Listen to the full interview below:


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
SAA could receive another R10billion cash injection from govt

SAA could receive another R10billion cash injection from govt

Scopa chair Themba Godi and transport economist Dr Joachim Vermooten weigh in on SAA's debt woes.

Parliament expresses concern over SAA's enormous debt

Parliament expresses concern over SAA's enormous debt

EWN Reporter Gaye Davis reports on the interrogation of the irregular, fruitless and wasteful expenditure racked up SAA.

SAA a symbol of how poorly SOEs are managed in SA, says Moneyweb editor

SAA a symbol of how poorly SOEs are managed in SA, says Moneyweb editor

South African Airways (SAA) is apparently losing as much as R370 million a month, Moneyweb editor Ryk van Niekerk explains.

Malusi Gigaba rules out privatisation of SAA

Malusi Gigaba rules out privatisation of SAA

Finance minister, Malusi Gigaba, appeared before Parliament's finance committee on Friday morning.

Fundamental problem with SAA is how it has been lead - Gigaba

Fundamental problem with SAA is how it has been lead - Gigaba

On Thursday, National Treasury confirmed that new SAA CEO is Vodacom group executive Vuyani Jarana.

Popular articles
Most common sex-related injuries and how to avoid them!

Most common sex-related injuries and how to avoid them!

Experts say vaginal tears, broken penises and the loss of foreign objects in the body are often seen in the ER

Radio powerhouse joins 702

Radio powerhouse joins 702

Richard Nwamba will host a new African music show between 16h00 and 18h00 every Saturday.

Celebrity chef Siba Mtongana gets vulnerable, opens up about money

Celebrity chef Siba Mtongana gets vulnerable, opens up about money

The Money Show’s Bruce Whitfield interviews Mtongana about her attitude to money (hopes and fears, successes and failures, etc.).

[LISTEN] Father shares how he shot the man who raped his daughter

[LISTEN] Father shares how he shot the man who raped his daughter

Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.

Is the lovable Winnie The Pooh a boy or girl?

Is the lovable Winnie The Pooh a boy or girl?

A trending Twitter debate has left social media users arguing over whether Winnie the Pooh is a girl or boy.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?