The South African government has said that its planned sale of 51% of shares in national airline South African Airways (SAA) to the Takatso Consortium was progressing and would now need approval by regulators.
Cabinet Statement
A cabinet statement read: "The Sales and Purchase process has now been concluded and signed by the Department of Public Enterprises and Takatso Consortium. The next step involves the approval of this transaction by various regulatory bodies."
Agreement Signed In June
The South African government in June had signed an agreement with the Takatso Consortium to sell the stake in the beleaguered state-owned carrier to the consortium, which had promised to invest over 3 billion rand to revive the airline.
Statements By Takasto
"Takatso is confident that the re-launched SAA has strong growth prospects domestically, regionally and internationally," the consortium said in a statement last month.
It said that it would also consider partnerships with other aviation players to achieve the airline's growth strategy.
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