An investment fund part-owned by the South African government is to acquire low-cost carrier FlySafair from its current shareholders, closing the chapter on a long-running row around foreign ownership of the airline.
Announcing the deal on 10 February, Johannesburg-headquartered Harith General Partners said it had struck a sale and purchase agreement for the airline.
“The proposed investment is aligned with FlySafair’s existing trajectory and supports the airline’s continued focus on operational excellence and sustainable growth,” it states.
Harith is part owned by the Public Investment Corporation, an asset management firm wholly owned by the South African government.
Founded in 2014, the carrier claims a 67% share of domestic South African traffic and a 39-strong fleet of Boeing 737s.
However, its strong operational performance has been overshadowed by the need to seek new investors following a 2024 ruling by South Africa’s Air Services Licensing Council that its ownership structure breached limits requiring no less than 75% of the voting rights in the company be held by South African residents.
The council found that Irish-based ASL Aviation Holdings held a 75% stake in the business, including through a South African-registered trust.
Harith says the “transaction follows a long-standing shareholder exit process at FlySafair that has been under consideration for several years.”
No financial details of the deal have been disclosed, and it remains subject to regulatory approval.
“ASL Aviation Holdings is proud to have supported the growth of a fledgling airline to become a leader in African aviation, opening air travel to millions of South Africans for the first time,” says group chief executive Dave Andrew.
“With new international routes now added to its network, the time has come to pass the baton to Harith who are ideally placed to oversee the airline’s continued development and growth”.
