South African Airways to receive financial support
The South African govt has confirmed that South African Airways will receive recapitalisation totalling ZAR10b (US$700m) in the 2017-18 financial year. Delivering the govt’s Medium Term Budget Policy Statement (MTBPS) Oct 25, finance minister Malusi Gigaba said that ZAR5.2b had already been provided, with the remaining ZAR4.8b to be transferred by March 31, 2018. The funds will be used for working capital and to settle debt, enabling the struggling airline to reduce its interest expenses. Gigaba also revealed the govt is to hold talks with the new SAA board over a new strategic equity partner to help the airline. “After we meet the new board of SAA, we will pronounce our plans to consolidate aviation assets and bring in a strategic equity partner,” Gigaba said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-10-30/star/south-african-airways-to-receive-financial-support
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South African Airways to receive financial support
The South African govt has confirmed that South African Airways will receive recapitalisation totalling ZAR10b (US$700m) in the 2017-18 financial year. Delivering the govt’s Medium Term Budget Policy Statement (MTBPS) Oct 25, finance minister Malusi Gigaba said that ZAR5.2b had already been provided, with the remaining ZAR4.8b to be transferred by March 31, 2018. The funds will be used for working capital and to settle debt, enabling the struggling airline to reduce its interest expenses. Gigaba also revealed the govt is to hold talks with the new SAA board over a new strategic equity partner to help the airline. “After we meet the new board of SAA, we will pronounce our plans to consolidate aviation assets and bring in a strategic equity partner,” Gigaba said. <br/>
