SAA, Takatso deal not transparent: SACCA

Reading Time: 2 minutes

The South African Cabin Crew Association (SACCA) says the deal that saw Takatso Consortium becoming the majority shareholder in the now restructured South African Airways (SAA) was not transparent.

SACCA says unions as important stakeholders were not consulted. it says they never expected these developments to happen and it is still a shock.

However, SACCA deputy president advocate Christopher Shabangu says what is positive out of this is that SAA will be able to fly again.

“Who were the bidders when it comes to this. We had been calling for the PPE to accept a bid from Ethiopian airlines. We don’t know what happened there. Now if we are going to have this strategic partner which now has 51%  shareholders at SAA, we don’t really understand what that means…”

“The government holds 49%, we also don’t understand what that means. There is funding apparently. I said apparently because we don’t know of about R3 billion that is going to be pumped by SAA. What is going to be happening to the historic debt that SAA has,” Shabangu adds.

Public Enterprises Minister Pravin Gordhan announces equity partner for SAA:

Due diligence

Gidon Norvick of Takatso Consortium says the due diligence which will be done on the new SAA in the coming weeks will also include an evaluation of the airline’s subsidiaries to assess their viability.

Takatso is also expected to discuss the details of an employee share scheme aimed at ensuring that employees also have a stake in the new business.

Discussion| Reaction to SAA, Takatso Consortium deal: