SAA broke even during the 2023-24 financial year and is seeking potential minority investors, access to capital markets and loan financing for a more rapid network expansion, Interim Chairman Derek Hanekom told eNCA.
Following the collapse of a 51% sale agreement for SAA between the Department of Public Enterprises and the Takatso Consortium, Hanekom said it must find additional investment to continue the national carrier’s three- and five-year business plans.
“One of our immediate challenges is we had to revise our business plans… Within our three- and five-year plans, we had incorporated the R3 billion promised to us (by the Takatso Consortium agreement),” said Hanekom.
“If we are able to get this capital from whatever source, then we might be able to expand more rapidly.”
SAA planned to expand its intercontinental network following the launch of São Paulo and Perth flights, with flights to London, Frankfurt and North America.
Hanekom said the intercontinental…