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SA Govt Engages With Private Entities Interested In Buying SAA

The South African Government is reportedly in talks with private companies interested in buying insolvent South African Airways, Finance 24 reports. Negotiations between the South African government led by a team from the Department of Public Enterprises assisted by some advisors from Rand Merchant Bank (RMB) with the unnamed private partners have started.

SAA reportedly needs R10 Billion to resume operations and the South African government was hoping it could resume operations by year-end. Private Players like Ethiopian Airlines have been rumoured to have shown interest in possibly buying SAA, which has not flown a single commercial flight since 5 months ago.

The airline had long bled the South African government as it was reportedly surviving on bailout and grants. The Minister of Finance Tito Mboweni has reportedly said the next bailout for SAA can only come from private players and not from the government.

More: Finance 24

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