South African Airways has been a state-owned airline in serious financial trouble since 2011. In an attempt to turn the company around, the South African government decided to place SAA under corporate rescue in 2019. This allowed a team business experts to take over the airline and restructure it to make it financially viable.
One of the potential outcomes of the enterprise rescue process was the privatization of SAA. This would mean the airline would be sold to private investors, who would take over ownership and management. Today, it seems that this result is on the way to becoming a reality.
According to recent information, SAA will soon be privatized, but under certain conditions. The two companies that co-own low-cost airline LIFT, Syranix and Global Aviation, must leave the consortium before SAA can be sold. This condition is imposed by the government, which wants to ensure that SAA will be sold to a reliable and responsible buyer.
The South African government is therefore looking for new investors to take over the airline, and it seems that it has finally found two potential buyers. Syranix and Global Aviation have accepted the request for privatization of the South African airline. This news has brought a glimmer of hope to SAA employees and frequent flyers.
Syranix and Global Aviation are no strangers to the aviation industry. Syranix is an aviation investment firm with a strong reputation in the industry. Global Aviation is an airline that has its roots in West Africa and operates in various international markets. With their combined expertise, it is evident that they have a good understanding of what it takes to turn SAA around.