Flysafair Shuffles Shares To Satisfy Regulators

South African low-cost carrier Flysafair has finally received its domestic air services licence. The airline was scheduled to take off in late 2013, but was prevented from doing so after other South African airlines complained that it had breached foreign ownership limits. A shareholding restructuring, which effectively put a quarter of the company in the hands of Flysafair’s employees, means that the airline now meets South Africa’s 75 per cent domestic ownership requirements. “Despite FlySafair not having been operational since October 2013, the airline retained the services of all the employees who were hired 10 months ago, by utilising them in Safair’s traditional business of providing backup services to local airlines and also in international charter operations,” the company said in a statement. 

TAGS: Africa
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