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Date published 13.11.2017

AN equity partner for South African Airways would provide much-needed private sector capital, but that the airline also needed a new fleet to be sustainable, Finance Minister Malusi Gigaba said last week following a meeting with the airline’s new board. New CEO Vuyani Jarana, who finally took up his position at the start of the month participated in the meeting.

Mr. Gigaba said new aircraft would not be paid for by the national fiscus or by “mega revenues the airline is going to generate during this time as they try to turnaround and fund the turnaround strategy”.

The government’s communications agency added, “a lot of work still needs to be done with regard to the discussions about a strategic equity partner”.

Mr. Gigaba and the new board discussed cost containment measures and ensuring proper communication between internal and external stakeholders. The airline’s turnaround plan has been prioritised and the government is still looking at ways to consolidate and share resources for Mango, SA Express and SAA.

SAA’s annual general meeting has been delayed until January 28, while its latest, delayed, financial statements are finalised.

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