Execujet Take 40% Stake in Air Namibia
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Execujet Take 40% Stake in Air Namibia
Business Day (Johannesburg)
January 22, 2003
Christof Maletsky
Johannesburg
Execujet, a multinational group providing business aviation services through companies in Europe, Scandinavia, the Middle East, southern Africa and Australasia, will take up 40% in the revamped Namibian national airline.
Air Namibia acting general manager for finance and human resources, Ranga Haikali, confirmed that the government would give up 40% in the loss-making airline to Execujet from June 1.
The airline's 412 employees will have to reapply for their jobs at the newly restructured Air Namibia, which will come into operation from June 2.
"In principle, it (the draft business plan for Air Namibia) has been approved (by cabinet), but the final document will be approved at the end of the month." said Haikali.
He said all Air Namibia employees' contracts would be terminated at the beginning of June and all the jobs would be advertised. There was no guarantee that any of the Air Namibia employees would be re-employed by the new company.
Haikali said that the government would gradually reduce its shares in Air Namibia to 25% to allow local empowerment companies to buy shares in the airline. "There is a commitment given by government that empowerment groups will be identified to reduce government shares to 25%."
He said by the time the new Air Namibia comes into effect, the interim management team at the airline would complete a lease deal for the costly Boeing 747-400 Combi.
The airline's plan to lease the Boeing 747-400 Combi has fallen through after a failure to reach an agreement on lease terms with Air Gabon. It was anticipated that the costs of financing the Boeing 747-400 would be absorbed by the lease agreement. The government signed a memorandum of understanding with Air Gabon for the lease agreement, which was initially supposed to become operational last month.
Air Namibia grounded the Boeing in October last year and leased an Airbus A330 aircraft from Nova Airlines.
The Airbus A330 has a capacity of 371 passengers.
January 22, 2003
Christof Maletsky
Johannesburg
Execujet, a multinational group providing business aviation services through companies in Europe, Scandinavia, the Middle East, southern Africa and Australasia, will take up 40% in the revamped Namibian national airline.
Air Namibia acting general manager for finance and human resources, Ranga Haikali, confirmed that the government would give up 40% in the loss-making airline to Execujet from June 1.
The airline's 412 employees will have to reapply for their jobs at the newly restructured Air Namibia, which will come into operation from June 2.
"In principle, it (the draft business plan for Air Namibia) has been approved (by cabinet), but the final document will be approved at the end of the month." said Haikali.
He said all Air Namibia employees' contracts would be terminated at the beginning of June and all the jobs would be advertised. There was no guarantee that any of the Air Namibia employees would be re-employed by the new company.
Haikali said that the government would gradually reduce its shares in Air Namibia to 25% to allow local empowerment companies to buy shares in the airline. "There is a commitment given by government that empowerment groups will be identified to reduce government shares to 25%."
He said by the time the new Air Namibia comes into effect, the interim management team at the airline would complete a lease deal for the costly Boeing 747-400 Combi.
The airline's plan to lease the Boeing 747-400 Combi has fallen through after a failure to reach an agreement on lease terms with Air Gabon. It was anticipated that the costs of financing the Boeing 747-400 would be absorbed by the lease agreement. The government signed a memorandum of understanding with Air Gabon for the lease agreement, which was initially supposed to become operational last month.
Air Namibia grounded the Boeing in October last year and leased an Airbus A330 aircraft from Nova Airlines.
The Airbus A330 has a capacity of 371 passengers.
