Government Buys Back SAA Shares.

23rd Nov 2001

As a result of the collapse and restructuring of Swissair, South Africa`s government is buying back the 20% stake in South African Airways (SAA) it sold to Swissair two years ago.

According to the BBC`s World Business Report, Jeff Radebe, minister of public enterprises, said the original sale entitled the government to buy back the shares at 85% of market value. He told that the country`s privatisation programme and the ultimate restructuring of the airline will stay on track, although flotation of the airline, originally planned for next year, is now believed to be off.

“We have no alternative [but] to reacquire these shares, so we can be able to protect the interests of SAA and ultimately that of government,” Mr Radebe added.




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