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SAA lists PIC as possible funder of R6bn in 2018

Aug 04 2017 13:23
Liesl Peyper

Cape Town – South African Airways (SAA) has indicated in its corporate plan that the Public Investment Corporation (PIC) could be a source of funding.

In the corporate plan for 2017 to 2022, which was tabled by National Treasury in Parliament on Friday, SAA lists its funding requirement for a five-year period which will amount to R13.1bn.

Listing the “sources and uses” of funds, the PIC was listed as a source of funding of R6bn for the 2018 financial year.

Alf Lees from the Democratic Alliance asked Finance Minister Malusi Gigaba during a briefing between SAA and the standing committee on finance to clarify if the PIC was indeed listed, to which Gigaba answered in the affirmative.

He pointed out however that nothing was cast in stone.

Fin24 earlier reported that National Treasury was considering the PIC as an equity partner to fund the loss-making SAA, after Gigaba said during a question-and-answer session in the National Assembly that SAA’s consideration of a minority equity partner may not necessarily be a private one, but that it could also be a public entity.

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