SAA request R4bn bailout to remain afloat

SAA Source: Google Images

The South African Airways (SAA) board has requested R4 billion to stay afloat this financial year.

Board members briefed the media on the state of affairs at the national carrier including the abrupt resignation of CEO Vuyani Jarana.

Operations general manager Zuks Ramasia was appointed acting CEO set to take over on Monday.

SAA failed to make a profit since 2011 and has been operating at a loss.

Board member Martin Kingston said that was why they requested the R4 billion.

“We are anticipating to make a profit in the year 2021/22, we are still on track with that and absolutely nothing has changed as a consequence of the departure of Mr Jarana.”

He said the long-term turnaround strategy remained the same: “The long-term strategy which was approved by the board and by shareholders remains on track and is indeed going to bear fruit in a number of respects. Mr Jarana has regularly updated the media on the progress made in that regard.”