Burner wrote: ↑Fri Apr 30, 2021 4:37 pmhttps://citizen.co.za/business/2481359/ ... ut-of-date
“The pronouncements of the imminence of a strategic equity partner are simply fiction which is a clear deflection of the fact that SAA 2.0 will simply remain a burden on the taxpayer,” says Lees.
Pickings may be slim, if at all. And with the business rescue practitioner’s admission that it has not adjusted its figures for the pandemic, the process may push the shareholder into a corner in its search for cash.
In 2020 it was already mooted that pension funds, via the Public Investment Corporation (PIC) be used to bail out Eskom. In 2017 Gigaba hinted at a similar outcome for SAA. noting that a minority equity partner may not necessarily be sourced from the private sector.
The DPE’s Richard Mantu noted that the “process to appoint a strategic equity partner is at an advanced stage and once that process is finalised, the government will make an announcement”.
Don’t hold your breath.
Read with interest - and amazed at the fact that the BRP's failed to adjust their outlook with changing market conditions .....
The most relevant part may be the fact that a "strategic equity partner" or simply an "equity partner" is nowhere to be found and the hunt for cash is slowly focussing on the biggest piggy bank in South Africa. The pension funds ......
Already having been "convinced" that having the PIC invest in ESKOM - and this being such a "great investment portfolio" to keep the future of old age income of South Africans safe ......... .........- I suspect they are going to do it all over again - and re-start "SAA v2" (or "new V1" with now only geniuses at the helm ....) and use the pension funds to revive their wet dream.
If that happens - you will see the pensions (for which the state is guarantor !) - be squandered and the result will be there in the near future - as it was in just about every country north of the Limpopo - where all pension funds evaporated into thin air (or Dubai bank accounts - which seems to be the acronym for thin air in Africa).