south africa’s lossmaking airline to cut fleet in bid
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

South Africa’s loss-making airline to cut fleet in bid

Arab Today, arab today

Arab Today, arab today South Africa’s loss-making airline to cut fleet in bid

South Africa’s loss-making airline to cut fleet in bid
CAPE TOWN - Arab Today

South Africa’s struggling national airline SAA said on Wednesday five narrow-body aircraft would be retired from its fleet by December, causing an overall flights reduction of 23 percent, in a bid to return to profitability.
“One narrow-body aircraft has left the fleet, with four more expected to leave the fleet by December 2017,” a presentation to legislators said.
The airline runs one of Africa’s biggest fleets but is loss-making. It received state funds in July to help to repay debts and also depends on government debt guarantees of about 20 billion rand ($1.5 billion).
South Africa’s cabinet will make a final decision on how to recapitalize the airline by end September, Finance Minister Malusi Gigaba earlier said
“Before the end of September, we should have gone to cabinet, proposed the options and cabinet should have taken the decision,” Gigaba said.
“What is a fact is that there is a 10 billion rand capitalization that is required for South African Airways but the source or model of that recapitalization is not yet finalized.”
Gigaba said the other options include a share equity, public-private partnerships and “a full share swap in regard to the Telkom shares.”
South Africa is considering selling its stake in landline provider Telkom to fund SAA’s 10-billion rand bailout. The government holds a stake of about 39 percent in Telkom.
South Africa has also appointed Vodacom Group executive Vuyani Jarana as the carrier’s new chief executive to help for the state airline turn its business fortunes around.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south africa’s lossmaking airline to cut fleet in bid south africa’s lossmaking airline to cut fleet in bid

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south africa’s lossmaking airline to cut fleet in bid south africa’s lossmaking airline to cut fleet in bid

 



GMT 06:41 2017 Tuesday ,12 December

'The Shape of Water' leads Golden Globes nominations

GMT 18:57 2016 Friday ,04 November

Historic climate pact enters into force

GMT 15:49 2017 Monday ,27 March

Moroccan Economy to Improve in 2017

GMT 17:30 2017 Saturday ,18 March

Erdogan hits out at Dutch over Srebrenica massacre

GMT 16:40 2012 Wednesday ,16 May

Egyptian actors morph into characters

GMT 23:39 2017 Tuesday ,21 November

Mohamed bin Zayed receives artists participating

GMT 15:28 2017 Monday ,10 April

Bangladesh militants to be hanged soon

GMT 20:40 2017 Tuesday ,11 April

Gunmen storm house of Libyan CB governor

GMT 12:38 2017 Wednesday ,15 November

Bill Gates giving $50 million for Alzheimer's research

GMT 06:03 2015 Thursday ,13 August

NBCUniversal pumps $200m into Vox Media

GMT 08:43 2017 Wednesday ,27 December

Minister discusses electricity, water services with MP

GMT 10:58 2017 Wednesday ,08 November

Al-Azhar's imam meets pope, vows to fight terrorism

GMT 23:43 2017 Wednesday ,04 October

UN: Half a million Rohingya arrive in Bangladesh

GMT 04:40 2017 Thursday ,19 January

Masdar signs agreement with two Qatari power companies

GMT 06:09 2016 Wednesday ,28 September

Households' cash surplus in S.Korea drops on home purchase
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday