South African Airways (SAA) is being privatised.

Government has given up its majority stake in the airline to Takatso Consortium which comprises of Harith General Partners, an investor in African infrastructure and airports, and airline management firm Global Airways. The new strategic equity partner will own 51% of SAA and government 49%.

Public Enterprises Minister Pravin Gordhan says Takatso will invest at least R3.5-billion over the next three years.

According to the partnership government is responsible for all historical liabilities.

Gordhan has promised that the Consortium will provide the required capital and there will be no further burden on the fiscus.

[Picture: flysaa.com]