Exclusive: South African Airways to get $400 million capital injection after plea for cash – CEO


JOHANNESBURG (Reuters) – South Africa has promised another 5 billion rand ($400 million) capital injection to help its struggling state airline meet urgent financial obligations, the CEO of South African Airways (SAA) said on Thursday.

FILE PHOTO: A South African Airways aircraft (bottom) arrives as a Kenya Airways aircraft prepares to take off at the OR Tambo International Airport in Johannesburg, South Africa, March 8, 2017. REUTERS/Siphiwe Sibeko/File Photo

SAA has not generated a profit since 2011 and has already received state guarantees totaling nearly 20 billion rand. It needs the money to help pay debts and prop up the business as it implements a turnaround plan.

The promise of more government cash comes after SAA Chief Executive Vuyani Jarana told parliament in April that the firm…

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