Privatisation of SAA nudges forward, Mango amends plan

The partial privatisation of South African Airways is progressing with the news that the Takatso Consortium has concluded its due diligence of the national carrier six months after it was announced as the preferred strategic equity partner. "The Takatso consortium can confirm that negotiations with the Department of Public Enterprises (DPE) to buy a 51% stake in South African Airways are continuing, with the due diligence now completed with no material issues identified," Takatso's CEO, Gidon Novick, said. "The transaction is a large and complex one, and the parties are committed to concluding the deal in a timely manner," he said in response to a query from ch-aviation as to the progress being made in negotiations with DPE on the share purchase agreement, which was subject to various approvals and pre-conditions. Novick reiterated the consortium was not involved in the funding or management of SAA's current operations. Takatso is a joint venture between Johannesburg-based black empowerment asset fund manager Harith General Partners, the majority shareholder in the SAA transaction, and ACMI specialist Global Aviation Operations, the minority shareholder in the venture, which also owns the Lift Airlines brand.<br/>