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28-Aug-2017 9:13 AM

South Africa's Government exploring options to secure USD766m in capital for SAA

South Africa's Minister of Finance Malusi Gigaba stated (25-Aug-2017) the Government is "exploring options of establishing a proper capital structure for South African Airways (SAA)". The carrier requires ZAR10 billion (USD766 million) capitalisation. Cabinet appointed four Ministers to consider various options to capitalise the airline. Mr Gigaba clarified: "The proposals we have put forward with regards to a model have not yet been finalised" adding: "Once we have finalised that capital structure, we will go back to Cabinet, go through the Parliamentary process and that will then become public". Mr Gigaba commented: "We don't have the luxury of time to resolve this issue including the issue of governance". Mr Gigaba also said Cabinet "should have taken the decision" by the end of Sep-2017 (Reuters, 25-Aug-2017). [more - original PR]

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