Corporate Affairs

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    TPT reports fatality at Durban Container Terminal Pier 1

    Terminal operator Transnet Port Terminals (TPT) on April 24 reported the fatality of a 47-year-old male port worker at the reefer yard of the Durban Container Terminal Pier 1 the previous night. Operations were immediately suspended.

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    SOEs cooperate to ship essential radioisotopes overseas

    South Africa’s globally-important State-owned company NTP Radioisotopes, a subsidiary of the South African Nuclear Energy Corporation, has cooperated with State-owned flag-carrier South African Airways to deliver essential medical radioisotopes to international customers. The deliveries were made on SAA flights chartered to repatriate foreign citizens trapped in this country by the national lockdown and halting of scheduled commercial flights, imposed by the government to try and counter the Covid-19 pandemic. There are only four large-scale commercial producers of the Molybdenum-99 radioisotopes in the world, and NTP is one of them. The South African company has a 25% share of the global market for Mo-99. “More than 90% of our revenue comes from foreign customers,” reported NTP Group MD Tina Eboka.

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    SOEs cooperate to ship essential radioisotopes overseas

    South Africa’s globally-important State-owned company NTP Radioisotopes, a subsidiary of the South African Nuclear Energy Corporation, has cooperated with State-owned flag-carrier South African Airways to deliver essential medical radioisotopes to international customers. The deliveries were made on SAA flights chartered to repatriate foreign citizens trapped in this country by the national lockdown and halting of scheduled commercial flights, imposed by the government to try and counter the Covid-19 pandemic. There are only four large-scale commercial producers of the Molybdenum-99 radioisotopes in the world, and NTP is one of them. The South African company has a 25% share of the global market for Mo-99. “More than 90% of our revenue comes from foreign customers,” reported NTP Group MD Tina Eboka.

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    SAA thanked for its repatriation flights to Germany

    The German Ambassador to South Africa has thanked South African Airways for the airline’s role in repatriating 5 600 European citizens who had been caught in South Africa by the national lockdown and travel ban, imposed to counter the Covid-19 pandemic. The German and other European Union citizens were flown home in charter flights, organised by the German government and operated by SAA. “We are incredibly glad that we were able to bring so many of our compatriots home,” said Ambassador Martin Schäfer on April 24. “This has been an outstanding team effort. Our heartfelt thanks go to the wonderful colleagues at South African Airways, who impressed us with their professionalism, flexibility and kindness throughout this process.”

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    SAA thanked for its repatriation flights to Germany

    The German Ambassador to South Africa has thanked South African Airways for the airline’s role in repatriating 5 600 European citizens who had been caught in South Africa by the national lockdown and travel ban, imposed to counter the Covid-19 pandemic. The German and other European Union citizens were flown home in charter flights, organised by the German government and operated by SAA. “We are incredibly glad that we were able to bring so many of our compatriots home,” said Ambassador Martin Schäfer on April 24. “This has been an outstanding team effort. Our heartfelt thanks go to the wonderful colleagues at South African Airways, who impressed us with their professionalism, flexibility and kindness throughout this process.”

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    SAA business rescue practitioners say SAA must be wound down or liquidated

    The joint business rescue practitioners for financially-embattled State-owned national flag carrier South African Airways (SAA), Leslie Matuson and Siviwe Dongwana, have released a “Notice to all Affected Persons”, dated April 23, regarding the situation of the airline. This followed the decision by the government, conveyed to the BRPs on April 10, that no more funding would be provided to SAA. Without this extra funding, the BRPs were unable to develop a business rescue plan that would have allowed SAA to be restructured so as to maximise the probability that it could become solvent again. It also meant that they could not maintain the airline at a minimum care and maintenance level until such time as the current air travel restrictions (imposed to help counter the Covid-19 pandemic) were lifted.

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    SAA business rescue practitioners say SAA must be wound down or liquidated

    The joint business rescue practitioners for financially-embattled State-owned national flag carrier South African Airways (SAA), Leslie Matuson and Siviwe Dongwana, have released a “Notice to all Affected Persons”, dated April 23, regarding the situation of the airline. This followed the decision by the government, conveyed to the BRPs on April 10, that no more funding would be provided to SAA. Without this extra funding, the BRPs were unable to develop a business rescue plan that would have allowed SAA to be restructured so as to maximise the probability that it could become solvent again. It also meant that they could not maintain the airline at a minimum care and maintenance level until such time as the current air travel restrictions (imposed to help counter the Covid-19 pandemic) were lifted.

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    AfDB signs major loan agreement with SA Taxi

    The African Development Bank (AfDB) has signed a $100-million loan agreement with SA Taxi Development, which is a wholly-owned subsidiary of SA Taxi Holdings (SA Taxi). The loan agreement has an eight-year tenor and incorporates a grace period of six months. The agreement is composed of a $10-million senior loan and a R1.4-billion (about $97-million) associated facility. It was actually signed in mid-March but only publicised by the AfDB more than a month later. “The evolving public transportation systems with para-transit minibuses filling the market segment between private taxis and municipal bus transit, is key to achieving South Africa’s economic success and social progress,” points out AfDB Director of Infrastructure and Urban Development Amadou Oumarou. “Therefore, the Bank is proud to be supporting the SA Taxi Group in its pioneering efforts to positively shape the ecosystem of public transportation services in South Africa.”

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    AfDB signs major loan agreement with SA Taxi

    The African Development Bank (AfDB) has signed a $100-million loan agreement with SA Taxi Development, which is a wholly-owned subsidiary of SA Taxi Holdings (SA Taxi). The loan agreement has an eight-year tenor and incorporates a grace period of six months. The agreement is composed of a $10-million senior loan and a R1.4-billion (about $97-million) associated facility. It was actually signed in mid-March but only publicised by the AfDB more than a month later. “The evolving public transportation systems with para-transit minibuses filling the market segment between private taxis and municipal bus transit, is key to achieving South Africa’s economic success and social progress,” points out AfDB Director of Infrastructure and Urban Development Amadou Oumarou. “Therefore, the Bank is proud to be supporting the SA Taxi Group in its pioneering efforts to positively shape the ecosystem of public transportation services in South Africa.”

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    SAA left with choice between wind-down or liquidation, say business rescue practitioners

    The business rescue practitioners (BRPs) appointed to implement a rescue plan for national carrier South African Airways (SAA) have announced on Thursday that without further government funding they will not be able to comply with their mandate and that their only options would be to either wind down the airline’s operations or liquidate it. The BRPs said that after the government notified them on April 10 that it would not provide them with any further funding, it is their view that the proposed actions provide “the most responsible way for a managed cessation of the operations of the airline and managing the risks of all affected parties”. 

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