South African Airways (SAA)
The Public Enterprises Minister, Pravin Gordhan, recently spoke about the future of South African Airways (SAA) and expressed his optimism despite the challenges the airline has faced.
The Minister officially relaunched SAA at an event that also marked the recommencement of the airline’s direct flights to São Paulo, Brazil.
Gordhan acknowledged that SAA has endured a tumultuous period, including allegations of fraud and corruption during the State capture years.
The airline was also placed under business rescue and grounded. However, he emphasized that SAA has reached a turning point and has the potential for significant growth and success.
Despite the impact of State capture and the COVID-19 pandemic, Gordhan believes that SAA can achieve a bright future.
He emphasized the importance of managing the current expansion properly and concluding the deal with the equity partner, which is expected to be finalized in late 2021 or early 2022.
This partnership will provide additional funds for SAA to expand and enhance its capacity to fly both South Africans and tourists from around the world.
The Minister highlighted the transformation in SAA’s financial model, stating that there will be no further taxpayer funding for the airline.
Instead, SAA will rely on its own financial strength and the capital provided by the strategic equity partner. This shift ensures the airline’s financial sustainability and allows it to grow organically.
Gordhan commended the efforts that have been made to bring SAA to this point, emphasizing the hard work and dedication that went into the process.
He sees the successful relaunch of the airline as evidence that meaningful reforms are possible in South Africa’s state-owned entities. This achievement sends a positive signal to investors and demonstrates the country’s ability to execute complex deals and reform processes using local talent.
The Minister celebrated SAA’s new flight route to São Paulo, Brazil, describing it as just the beginning for the airline. He acknowledged the skepticism surrounding the relaunch of SAA but remained confident in its future success.
Gordhan believes that intercontinental flights, not just through code shares, but operated by SAA itself, are on the horizon. This expansion will benefit South Africans by providing more travel options and contributing to the country’s economy.
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