Montenegro Airlines registers strong growth

GLOBAL AVIATION NEWS

SAA sold

South Africa agreed to sell a majority stake in the country’s grounded national carrier to a local jet-leasing company and private-equity firm, ridding the government of an entity that has long been a drain on state finances. A consortium comprised of Johannesburg-based Global Airways, which owns recently launched domestic airline Lift, and private-equity firm Harith General Partners will take a 51% shareholding in South African Airways (SAA), Public Enterprises Minister Pravin Gordhan said. The government will retain a minority stake. The grouping named Takatso will invest as much as 3.5 billion rand ($258 million) over the next three years, Lift co-founder, Gidon Novick, and Harith Chief Executive Officer, Tshepo Mahloele, said in an interview. “Government will have no further financial obligations to the company, outside of the existing liabilities that they will settle”, Novick said. He added, “Route networks we are still working on, and it will be a phased roll-out based on demand re-emerging post Covid”. The sale of SAA comes about six weeks after the airline emerged from lengthy bankruptcy proceedings, having reduced its workforce by almost 80% and cut liabilities to about 2.6 billion rand. The next challenge is to resume international flights, though South Africa remains cut off from much of the world due to pandemic travel restrictions. A longer-term goal is to list the carrier on a stock exchange, Gordhan said. In the meantime, the government will retain special voting rights to ensure the airline remains in the country, among other national priorities. The deal represents a triumph of sorts for Gordhan, who has argued for the revival of SAA with the help of private investors while others were calling for it to be liquidated. While SAA is now “solvent and liquid,” business-rescue practitioners said when handing over the aircraft, subsidiaries including low cost arm Mango and maintenance firm SAA Technical remain under financial strain and are in the process of being recapitalized. The Department of Public Enterprises and the new consortium will together assess the future of the divisions as part of the due diliegence process, Gordhan said.
Source: Bloomberg

Montenegro Airlines registers strong growth

NEWS FLASH

Montenegro Airlines has continued to record strong passenger growth with the carrier handling 72.554 passengers in September, representing an increase of 12.8% on the same month last year, or an additional 8.211 travellers. The carrier operated a total of 806 scheduled and charter flights during the month. It recorded its best average cabin load factor of 86% on services to Leipzig, followed by London at 84%, Belgrade at 83%, Frankfurt at 79%, and Paris with a load factor of 77%. During the four busiest months of the year - June, July, August and September - Montenegro Airlines welcomed 350.449 passengers on board its aircraft, an improvement of 17.7%. Over the past three quarters, the carrier handled a record 527.532 travellers, up 13.6%, and is on course to reach its target of 620.000 passengers in 2018.

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Anonymous10:37
It is obvious LEJ/DRS/ERF are longing for flights to the Adriatic coast, unbelievable there is not a single service from the whole East of Germany (if we disregard BER) to Croatia. Montenegro makes it obvious those services would be successful. That whole part of Germany is completely underserved to Exyu, in contrast to West, South and North of Germany.
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Anonymous11:38
The passengers are very satisfied with Montenegro airlines Fokker100 and Boeing 737-500 comfort and hospitality.
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Montenegro Airlines registers strong growth

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