Govt will sell remaining share shortly

The second phase of the privatisation of the Airports Company of South Africa (Acsa) will be determined this year by Cabinet.
Transport minister Mac Maharaj, said at the launch of his 1999/2000 business plan that in the second phase, the Government would sell its remaining shareholding through an initial public offering which was expected to take place within the next 12 to 18 months.
In April last year, the transport department oversaw the sale of 20% of Acsa to an international consortium led by Aeroporti di Roma for R819 million.
In July last year, the department announced the R172 million sale of 21 million shares, representing 4,2 % of Acsa's issued share capital to six South Africa empowerment groups, which represented about 6 million individual shareholders or beneficiaries.
The department will be offering 9% of Acsa's shares to Acsa management and employees. A further 10% will be set aside for the National empowerment Fund.
Acsa has also announced that Pilanesberg AIrport is to be upgraded to an international airport, mainly for the benefit of the hospitality and tourism industry.
Sun International has donated R2,5 million to the upgrade programme which is expected to increase tourism to the area.
By Anna Cox