New minister of Finance Pravin Gordhan swears-in, on May 11, 2009 in Pretoria. New South African President Jacob Zuma's cabinet appointments show a willingness to compromise to address the country's deep social and economic woes, local newspapers reported. AFP PHOTO / ALEXANDER JOE

The National Treasury is considering state-owned carrier South African Airways’s request for financial support, Finance Minister Pravin Gordhan said. The airline needs a new management team and must be able to stand on its own feet withing the next five years, Gordhan told lawmakers in Cape Town. Chairwoman Dudu Myeni was reappointed to ensure proper handover to a new board and will vacate her post after a year, he said.

Gordhan said he will meet with Public Enterprises Minister Lynne Brown about the sale of a minority stake in the airline. The government reappointed Myeni last week and also appointed 11 new non-executive directors for the carrier.

Source: Bloomberg

LEAVE A REPLY

Please enter your comment!
Please enter your name here