Takatso, the consortium picked to buy a majority stake in SAA, could raise its stake if the airline runs out of money, ensuring that the government is off the hook for any possible future recapitalisation efforts.
The consortium, which is made up of private equity infrastructure investment fund Harith and aircraft-leasing company Global Aviation, will own 51% of the shareholding in the airline, while the government will retain 49%.
This could be diluted further if more capital is required, said Takatso chair Tshepo Mahloele. Takatso has undertaken to invest R3bn over three years.
The government will have a "golden share" of 33% of the entity’s voting rights regardless of how much it is diluted and will retain decision-making powers over certain areas of "national interest". The special voting rights relate to the retention of the 87-year-old national carrier’s name and domicile, Mahloele said in an interview. Takatso will be in charge of governance and operations.
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