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Treasury: PIC not being considered as SAA equity partner

The government is ploughing R10 billion into recapitalising SAA but has yet to identify a possible strategic equity partner.

FILE: South African Airways plane. Picture: Facebook.

CAPE TOWN - Treasury says that the Public Investment Corporation (PIC) is not being considered as a possible private equity partner for South African Airways (SAA).

Unions have rung alarm bells over the possibility of workers’ pension funds being used to subsidise the ailing airline.

Treasury’s also confirmed that the new SAA board is now in place and that its lenders made the removal of Dudu Myeni as board chairperson one of the conditions for rolling over their loans.

Answering questions from Parliament’s finance committees, Treasury’s Michael Sachs says that Finance Minister Malusi Gigaba held a special meeting with the new board on Friday.

“Indeed, the meeting did take place this morning and a new board is now in place. The inaugural meeting of the new board will be on 7 November. I can also confirm that it was a special meeting and not the AGM.”

The government is ploughing R10 billion into recapitalising SAA but has yet to identify a possible strategic equity partner.

Treasury says the PIC is not being considered.

Treasury says conditions set by lenders before they agreed to roll over their loans included the removal of board chairperson Myeni.

Myeni remained board chairperson until Friday when businessman JB Magwaza officially took up the reins.

It's unclear when SAA's annual general meeting will take place.

Treasury says that given the R10 billion recapitalisation and the agreement by lenders to extend the maturity dates of the loans, it is anticipated that the Auditor General, Kimi Makwetu, will sign off the airline's 2016/17 annual financial statements as a going concern.

(Edited by Winnie Theletsane)