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Gordhan: Process to acquire private equity partners for SAA at advanced stage

The minister on Wednesday was asked for details of the potential private equity partners and assurances with regard to the state-owned airline’s debt.

FILE: Public Enterprises Minister Pravin Gordhan at a press briefing at Lethabo power station. Picture: Abigail Javier/EWN

CAPE TOWN - Public Enterprises Minister Pravin Gordhan on Wednesday said government had received a number of expressions of interest from potential South African Airways (SAA) investors.

Gordhan responded to questions in the National Assembly as part of government’s economic cluster.

He was asked for details of the potential private equity partners and assurances with regard to the state-owned airline’s debt.

The minister said the process to make contact with private equity partners had reached an advanced stage.

He said while he could not provide details, but a number of potential partners have already made their intentions clear.

“The process has reached an advanced stage and we expect the process to be concluded by late December, early January, or early 2021. Due to the sensitive commercial nature of these negotiations, we are unable to pronounce at this stage on the details on the expressions of interest,” Gordhan said.

Gordhan also informed MPs that the R10.5 billion bailout would probably rise by about R4 billion in the end.

“The total cost of restructuring is R14 billion. The money is going to be used to pay the retrenchment and voluntary severance packages of the staff,” he said.

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