South African Airways sold to Global Airways and Harith

A photo of South African Airlines aircraft
South African Airways aircraft

Public Enterprises Minister, Pravin Gordhan, announced that South African Airways has decided to sell 51% of its shares to a Johannesburg-based jet leasing company called Global Airways and private equity firm, Harith General Partners. The government is only going to be left with a minority of the shares.

This decision was said to have been made with the sole aim of putting an end to the government’s mismanagement of the company’s resources that led to bankruptcy proceedings and caused the airway to reduce its workforce by 80%.

Following the announcement, South Africa’s local currency, Rand, gained 0.5% to 13.55 against the U.S dollar.

The CEO of Harith, Tshepo Mahloele said that 3.5 billion Rand which is $258 million, is to be invested in South African Airways within the space of three years.

South African Airways also stated that the next line of action for the company is to commence international flights seeing as most of South Africa is still observing the COVID-19 pandemic lockdown.

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Business Stance

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Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

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