SAA subsidiaries still struggling despite government funding 🔒
As domestic carrier SAA prepares to resume operations in September, its troubled subsidiaries remain in financial difficulty despite receiving a combined cash injection of R991m from the government.
Before the pandemic SAAT got 80% of its revenue from SAA. The repair and maintenance unit of the grounded national carrier has operated at a reduced level since 2020, which slashed its revenue drastically, according to SAA interim CEO Thomas Kgokolo. SAA and the Takatso consortium, which is due to own a majority stake in SAA, have concluded a due diligence process, paving the way for the sale and purchase agreement for the airline to go ahead. However, it remains unclear whether SAA’s subsidiaries will form part of the new SAA as the due diligence process did not identify any material issues, Kgokolo told parliament’s portfolio committee on public enterprises on Wednesday.
He said SAA has enough cash on hand to resume operations until the airline’s equity partner, the Takatso consortium, comes on board when the planned purchase of a majority stake is concluded.
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