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NewsTakatso Consortium set to release R3-billion to South African...

Takatso Consortium set to release R3-billion to South African Airways over the next two years – Latest News In South Africa Today

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The Takatso Consortium has agreed to deliver funding of over R3 billion to South African Airways over the next two years to ensure the company’s seamless operation.

This is as it moves on with its plan to buy a 51 percent interest in the airline.

However, due to the business rescue commitments, the relaunch of SAA will continue to be a burden on taxpayers.

The Public Enterprises Department is still in charge of them.

According to the consortium, SAA will be administered by experienced and skilled staff as soon as all regulatory clearances are received.

The Competition Commission and the Civil Aviation Authority are among those who must approve the deal.

SAA will maintain a 49 percent interest in Public Enterprises.

We shall never forget that the Takatso consortium took over the firm last month and laid off over 225 employees.

According to SAA Spokesperson Maistry Vimla, confirmed that the personnel had stayed on for training rather than taking up Voluntary Service Packages (VSP), with the understanding that the training program would cease after 12 months.

 

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