Streaming issues? Report here
Nonn Botha 1500 x 1500 2020 Nonn Botha 1500 x 1500 2020
702 Music with Nonn Botha
14:30 - 18:00
volume_up
volume_mute

Up Next: This is Africa with Richard Nwamba
See full line-up
702 Music with Nonn Botha
14:30 - 18:00
Home
arrow_forward
Business
fiber_manual_record
Local
fiber_manual_record
Lifestyle

Chris Hart leading drive to raise more than R230m to 'resurrect' SA Express

12 January 2022 7:44 PM
Tags:
SAA
The Money Show
Chris Hart
Bruce Whitfield
SA Express
aviation
SA Express business rescue
Fly SAX
Global Impact Investments
SAX

The Money Show talks to Chris Hart (Executive Chairperson, Global Impact Investments) about the business model for SA Express.
© phanuwatnandee/123rf.com

State-owned regional airline SA Express (SAX) has been in provisional liquidation since April 2020.

The 'failed' carrier has now been given a reprieve until July 2022 and Chris Hart (Executive Chairperson of Global Impact Investments) is leading the drive to save it.

On The Money Show, Hart explains that he was approached by a consortium to raise the required funding.

They're looking at both anchor investors and the option of crowdfunding.

Hart says there's been "quite a bit of interest", also from abroad.

To me it's a clean sheet of paper, you're starting off fresh. I don't see it as trying to save a failed business but rather to resurrect a new one firmly on the basis of commercial merits.

Chris Hart, Executive Chair - Global Impact Investments

At this stage of the cycle where the airline industry globally has been hit very hard, there are assets coming on the market that are very compelling... The asset here is the freight and passenger license that's for both domestic and international.

Chris Hart, Executive Chair - Global Impact Investments

We are in the process of raising the capital that would be needed to restock the airline not only with aircraft but the actual supporting infrastructure that goes with it... It's a $15 million exercise [more than R230 million]... to get it started...

Chris Hart, Executive Chair - Global Impact Investments

Hart says the "new" SA Express will focus on the routes serving smaller centres, both on a passenger and freight basis.

The business model is in fact not looking to compete with the big Joburg-Cape Town-Durban triangle... but rather to service the smaller centres... SA Express filled a very niche gap and without it these small centres like Upington, Phalaborwa etcetera are feeling the pinch.

Chris Hart, Executive Chair - Global Impact Investments

For more on the plans to get SA Express back in the skies, take a listen:


This article first appeared on CapeTalk : Chris Hart leading drive to raise more than R230m to 'resurrect' SA Express




12 January 2022 7:44 PM
Tags:
SAA
The Money Show
Chris Hart
Bruce Whitfield
SA Express
aviation
SA Express business rescue
Fly SAX
Global Impact Investments
SAX

More from Business

More from Local

More from Lifestyle