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Jarana: SAA to get R5 billion capital injection after plea for cash
SAA has not generated a profit since 2011 and has already received state guarantees totalling nearly R20 billion.
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Auditing regulator's probe into SAA to be finalised soon
The Independent Regulatory Board for Auditors (IRBA) has told Parliament’s standing committee the probe is far advanced.
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SAA requires R5bn bailout to stay afloat - Treasury
Treasury director-general Dondo Mogajane told Parliament the cash injection could, however, not come from government.
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Gungubele: SAA needs at least R20bn to possibly break even in 2021
Deputy Finance Minister Mondli Gungubele says SAA now has a clear turnaround strategy aimed at fixing its finances, corporate governance and operating model.
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‘Cash-strapped SAA urgently needs fresh cash boost to keep going’
CEO Vuyani Jarana told MPs that of the R10 billion cash injection SAA was given last year, R7.6 billion went to repay loans and R2,4 billion was used for operating costs.
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Lack of cash, critical skills hindering SAA’s turnaround plan
SAA chief executive officer Vuyani Jarana says revenue management at the airline is poor and the airline’s bad public image is affecting its ability to attract critical skills.
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Question mark over SAA's viability after qualified audit report
Auditor-General Kimi Makwetu has given both SAA and its subsidiary, Mango Airlines, qualified audits.
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SAA projects loss of R4 billion by March 2018
New CEO Vuyani Jarana and board members briefed Parliament’s Standing Committee on Finance for the first time on Wednesday.
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SAA remains under-capitalised, despite bailout
The national airline has been relying on government guarantees to keep it solvent.
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Gigaba: Many interested in equity stake in SAA
SAA relies on government guarantees to keep it solvent and has been repeatedly cited as a threat to South Africa’s public finances.
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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.
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Lynne Brown: Public Enterprises considering merger of SOEs
The Public Enterprises minister told the National Council of Provinces the survival of the state’s smaller airlines also depended on a merger.
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Gigaba: New SAA board to bring talent, expertise & energy
Finance Minister Malusi Gigaba says that businessman JB Magwaza will replace Dudu Myeni as board chairperson.
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JB Magwaza expected to replace Dudu Myeni in major SAA shake-up
Details of the reshuffle emerged on Wednesday night, however, the national carrier wouldn’t confirm or deny the claims.
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'SAA bailout may not be fully compliant with the law'
Advocate Frank Jenkins says Gigaba's made a strong case as to why the allocation could not wait for a future appropriation.
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SAA won’t have to repay R10bn to government
Treasury Director General Dondo Mogajane says the money is not a loan, but a recapitalisation.
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Pressure on Gigaba to reveal details of SAA loans with banks
Treasury announced a R3-billion lifeline to the airline on Friday. R1.8 billion of that will be used to meet its commitment to Citibank.
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MPs grill SAA over decision to extend Dudu Myeni’s term
Myeni's tenure as board chair was to have expired in September, but Finance Minister Malusi Gigaba has extended it until SAA’s annual general meeting takes place in early November.
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Gigaba: SAA must be depoliticised to improve its finance stability
Finance Minister Malusi Gigaba says the national airline has been underperforming due to poor governance.
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'New SAA board chairperson to take over before end of 2017'
Treasury says extending the tenure of embattled chairperson Dudu Myeni is only temporary.
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SA Express to explain wasteful expenditure to Parly
SA Express says that like SAA, it will need a cash injection to keep their planes in the sky.
