Johannesburg - SAA has announced that it has postponed its annual general meeting (AGM) set for tomorrow as the loss-making state-owned company has not yet finalised its latest annual financial statements (AFS).
The delay was made while it meets conditions set by Finance Minister Nhlanhla Nene before he considers the company’s request for a new credit guarantee. SAA has been surviving on government-backed loans including R6.5 billion of guarantees granted in January.
“The adoption of the AFS by the shareholder was one of the key items on the AGM agenda,” SAA said. “The delay in finalising the AFS also means that these have not yet been submitted to the minister (Nene) for tabling in Parliament. As the financial statements will not be tabled on September 30, 2015 as is usually the case, the minister has provided a written explanation in this regard to Parliament,” SAA added.
The Treasury took responsibility for the airline’s turnaround in December.
BUSINESS REPORT