South Africa Sets Plans to Cash In on Revived National Carrier
- State to get $185 million in preference shares, special votes
- ‘Golden share’ to stop majority owner Takatso from selling on
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South Africa’s government has retained special voting rights in the country’s national carrier even after selling a majority stake, and will be given 3 billion rand ($186 million) in preference shares that can be redeemed through future cashflow.
That means the state stands to benefit should new owner, the Takatso Consortium, revive a carrier that’s struggled under years of heavy losses, corruption and mismanagement, according to a statement from the Department of Public Enterprises on Thursday.