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Govt looking to raise $400 million from sale of stake in bankrupt SAA - report
The government is reportedly planning to raise around $400 million or more than R6 billion from selling a stake in bankrupt South African Airways (SAA).
According to the report by Bloomberg, sources said the funds would be used to re-capitalize the reformed SAA.
Government is providing the embattled national carrier with R10.5 billion for its business rescue process.
Public Enterprises Minister Pravin Gordhan has said this is the last financial commitment the airline will get from the state.
RELATED: Haffajee: Gordhan’s SAA bailout out of character and hints at political pressure
The Financial Mail has also reported that a Canadian firm is taking an interest in acquiring a stake in SAA
Bruce Whitfield interviews Antony Sguazzin (senior Africa writer, Bloomberg News) about the latest reports.
We don't have any information on that [the Canadian interest] but we do know that the government is seeking any equity partner to pay quite a lot of money.
Antony Sguazzin, Senior Africa writer - Bloomberg News
The number we have been given is about $400 million.
Antony Sguazzin, Senior Africa writer - Bloomberg News
I think that it's actually going to retard the process because so far Ethiopian Airlines has been a serious interest, but they've said they're not going to pay any money because they didn't create any of the problems. Even if it used for future working capital... they'll obviously have to stump up then.
Antony Sguazzin, Senior Africa writer - Bloomberg News
They can't see anyone wanting to put down $400 million for SAA right now, according to the people with the information.
These include well-known independent aviation analyst Joachim Vermooten.
A lot of people also would be quite apprehensive about putting a huge amount of money in for a minority stake in a government entity... A lot of people have got stung doing business with the South African government in the past.
Bruce Whitfield, The Money Show host
Sguazzin says according to a conversation last week with Finance Minister Tito Mboweni, there isn't a desire to keep a majority stake of SAA in government hands.
What they are looking at is a rather complicated setup where an operating partner will also have an equity stake. Then, they're looking at private equity or fund investments including possibly the PIC.
Antony Sguazzin, Senior Africa writer - Bloomberg News
In addition to that they would like to hold some sort of IPO... so that ordinary South Africans can take a stake in the airline.
Antony Sguazzin, Senior Africa writer - Bloomberg News
Listen to the conversation in detail below:
Copyright : https://www.123rf.com/license.php#standardSource : https://www.123rf.com/stock-photo/south_african_airways.html?oriSearch=saa&sti=n8wqyoe1mwzlg0c4x4|&mediapopup=110937089
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