State to get $185 million in preference shares, special votes ‘Golden share’ to stop majority owner Takatso from selling on
South Africa’s government has retained special voting rights in the country’s national carrier even after selling a majority stake, and will be given 3 billion rand ($186 million) in preference shares that can be redeemed through future cashflow.
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That means the state stands to benefit should new owner, the Takatso Consortium, revive a carrier that’s struggled under years of heavy losses, corruption and mismanagement, according to a statement from the Department of Public Enterprises on Thursday.
Source:
Bloomberg
