Senegal seeks stake in SAA

This story is sourced from Pro
See more Pro news »

Senagal’s government has approached South African Airways with a proposal to purchase a stake in the airline.

State-owned SAA confirms that an offer has been made but says it is too earlier to discuss details of the proposal.

“All we are willing to indicate at this stage is to confirm that the Senegalese authorities have approached us and presented an offer for our consideration. No decision has been taken as yet and, for that reason, we can’t get into the technical details of what the offer will mean for SAA,” the airline says.

The Johannesburg-based carrier made a pre-tax loss of R1.2 billion ($107 million) in its financial year 2012-13, and is in the process of implementing a restructuring programme under which it is cutting its international network and merging with subsidiaries Mango and SA Express to reduce costs.