The Takatso Consortium has confirmed that it will move ahead and conclude a share purchase agreement for 51% of South African Airways (SAA) with the Department of Public Enterprises.
“The due diligence of SAA is substantially complete and no material issues have been identified,” according to a statement released yesterday. “The agreement will be subject to various approvals and preconditions which are likely to take some time.”
The Consortium is a joint venture between Harith, majority shareholders and funders of the SAA transaction, and Global Aviation, minority shareholders and strategic partners to the venture.
While the Consortium has provided input into the SAA business plan, at this stage it is not involved in the management or funding of the airline or any of its relaunch plans.
Regarding the future management of SAA, decisions will be taken by a newly formulated board once the transaction is complete.
“We are making steady progress to conclude this complex transaction,” said Takatso CEO, Gidon Novick.
