The staff of SA Express (SAX) are not taking the liquidation of the airline lying down.
They have engaged an equity funding platform, Uprise.Africa, to assist in raising the capital needed to save it.
The group strongly believes that SAX is a national asset that should be salvaged and definitely not liquidated. They further believe that the company is a viable business, and if rescued with the correct strategy, could be a very profitable one.
“The airline’s internal financial troubles stem from political interference in its operations, nepotism, poor controls and poor management, exacerbated by external challenges,” said spokesperson Michael Hlatshwayo.
Another imperative on the agenda for SAX employees was for the Department of Enterprise to give them their retrenchment packages, he added.
“It takes a lot of hard work to publicise your offering and attract potential investors,” said Tabassum Qadir, the CEO of Uprise.Africa.
An initial review of the proposed business plan was conducted by Uprise.Africa’s legal and compliance team, and consequently an Expression of Interest was submitted to the Provisional Liquidator through its appointed Agents - GoIndustry DoveBid. The proposal will need to be approved by the liquidators, shareholders and relevant authorities.
Uprise.Africa will appoint Lufthansa Consulting to conduct further due diligence of the project before it goes live on the platform to its registered, accredited national and international investors.
Uprise.Africa is an equity funding platform that works with entrepreneurs to raise capital for their businesses and provides investors with a new, alternative investment option.
