Government is looking to raise more than R10 billion that SAA administrators say is needed to revive its operations eight months after going into business rescue.
Finance Minister Tito Mboweni has said that the National Treasury would not use its own money, beyond R16.4 billion in existing debt guarantees, and would instead seek “strategic partners” or private-equity backers as well as tapping pension funds and global financial institutions. “The department of public enterprises has identified a transaction adviser,” the department said in a statement on Wednesday, without identifying the firm. “The advisers are expected to assess unsolicited expressions of interest from private-sector funders, private-equity investors and partners for a future restructured SAA.”The people who identified the RMB as the adviser asked not to be identified as they aren’t authorised to disclose the information publicly.
SAA hasn’t made a profit for almost a decade and has been surviving on government bailouts. It was placed in business rescue in December. With South Africa facing its biggest economic contraction in almost 90 years, Mboweni has said he was loath to spend more money on loss-making state companies.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The true nature of our government | CitypressOPINION: We remain leaves to be raked up and burnt, our lives and livelihoods going up in smoke, while ministers jostle for media space with half-baked plans, and the ruling party gets comrades to investigate each other, writes Thamsanqa D Malinga
Source: City_Press - 🏆 7. / 72 Read more »
Chiefs denied victory as Wits grab late equaliser | CitypressKaizer Chiefs failed to extend their lead at the top of the table after conceding in the dying moments to draw 1-1 with Bidvest Wits on Wednesday evening.
Source: City_Press - 🏆 7. / 72 Read more »
Ramaphosa suspends Public Service Commission director-general | CitypressPresident Cyril Ramaphosa has placed Public Service Commission director-general Dovhani Mamphiswana on precautionary suspension. Mamphiswana has been accused of filling the position of chief director: professional ethics, with the mother of his child
Source: City_Press - 🏆 7. / 72 Read more »
Men continue to attack women during Women’s Month | CitypressThe Mthatha High Court sentenced a 31-year-old man to three life terms for raping his teen sister and two cousins. Meanwhile, a man who is accused of killing three women he claimed were witches, made a brief appearance in the Sterkspruit Magistrate’s Court
Source: City_Press - 🏆 7. / 72 Read more »
Mondli Makhanya just refuses to see it | CitypressOPINION | Inkatha’s supporters faced violence, not only from apartheid’s security forces, but from the AK47s and hand grenades of Umkhonto weSizwe’s trained guerrilla soldiers. We defended ourselves with sticks and prayers, writes Mkhuleko Hlengwa
Source: City_Press - 🏆 7. / 72 Read more »
Ajax, Swallows resume race for promotion to Premiership | CitypressAjax Cape Town resume their pursuit of the 2019/20 GladAfrica Championship title when they return to action with a clash against Richards Bay on Wednesday.
Source: City_Press - 🏆 7. / 72 Read more »