South Africa is considering an independent board for its ailing national airline, with a shareholder structure similar to that of part state-owned telecoms firm Telkom, a senior government minister told the local eNCA news channel on Sunday.
Debt-ridden South African Airways has been in a form of bankruptcy protection since December. Its creditors approved a rescue plan last week that involves scaling down its fleet, shedding thousands of jobs and a commitment of over 10 billion rand from the government
The government directly holds a 37% stake in the listed entity and state-owned fund manager Public Investment Corp. owns around 15%. The rest is owned by institutional investors and the public.
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