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Broke SAA in talks with PIC for loan

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Cape Town – South African Airways (SAA) confirmed that it is in discussions with the Public Investment Corporation (PIC) for a loan, as the national carrier wants to diversify its debt portfolio, said its chief financial officer Phumeza Nhantsi.

SAA was appearing before the standing committee on finance on Tuesday about its quarterly report and turnaround plan. In an initial document, distributed to committee members on Monday, SAA stated that it made a loss of R734m year to date, which is for the months of April and May 2017. 

Alf Lees, Democratic Alliance spokesperson on finance, insisted during the briefing on getting clarity over rumours that the airline approached the PIC for a loan from the Compensation Fund and Unemployment Insurance Fund.

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