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Joined: Mon Feb 16, 2004 7:49 pm

Possible rescue plan for SA Express

Sat Nov 28, 2020 7:58 am

The Citizen newspaper reported yesterday on a plan to revive SA Express.

An entity owned by SAX employees (Fly-SAX) has secured two anchor investors, Imperial Capital and the Landile Shembe Foundation to raise R250 million towards the recapitalisation of the airline.

The transaction is subject to approval by the airline's liquidators and the Department of Public Enterprises.

Imperial is an Abu Dhabi based private fund and investment company managing over R9.9 billion in assets.

The Landile Shembe Foundation controls commercial rights of the diversified assets of the Shembe family valued at more than R762 billion.

Fly-SAX won the bid to buy the airline in September. According to its proposal, Fly-SAX will own 25% of the airline while 27% will be owned by the government or a strategic equity partner, with 48% being raised by crowd funding platform Uprise.Africa and the anchor investors.
After Monday and Tuesday even the calendar says WTF...
Posts: 1114
Joined: Thu Sep 22, 2005 7:19 am

Re: Possible rescue plan for SA Express

Sat Nov 28, 2020 6:08 pm

I don't foresee this lasting very long. The vacuum has already been filled by Cemair and Airlink.

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