SAA looks to future after hedging crisis

摘要

South Africa Airways (SAA) has undergone a roller coaster ride in the last year, after reporting a record operating profit yet becoming technically insolvent after a hedging strategy went disastrously wrong. South Africa's flag carrier was established in 1934 and currently operates to more than 20 destinations in Africa and 40 in the rest of the world. Transnet - the South African government's transport holding company - owns 95% of SAA, and the airline's employees own the other 5%, under an ESOP. (In 1999 Transnet sold 20% of the airline to SAirGroup, but in February 2002 - after the Swiss group's collapse - the stake was sold back to the South African government.)