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EXCLUSIVE: SAA board approved management buyout of subsidiary

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Cape Town – The boards of South African Airways (SAA) and its subsidiary South African Travel Centre (SATC) recommended a management buyout of the state-owned travel agent, SATC said in its 2016 annual financial statement for the year ended March 2016.

Fin24 has seen a copy of loss-making SATC’s 2015/16 results, after SAA chairperson Dudu Myeni delivered outstanding annual financial statements of SAA's subsidiaries to the Standing Committee on Finance on Tuesday.

The parliamentary committee had requested them in terms of the Public Finance Management Act and the SAA board is expected in Parliament on Wednesday to give an update on progress made since being appointed a few months ago.

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