Thando Maeko
3 minute read
17 Feb 2021
7:32 am

SA Express crowdfunding bid put on ice, but not completely off the table

Thando Maeko

Fly SAX given the green light in October last year to buy the distressed airline.

SA Express an entity that has "'clearly failed". Image: Moneyweb

Fly SAX, a worker owned entity, has suspended its bid to raise seed funding to buy cash-strapped regional airline SA Express through crowdfunding platform Uprise.Africa. The seed funding will instead be raised by an anchor investor who will recapitalise SA Express and take full ownership of the airline to get it off the ground, according to the group’s spokesperson Thabsile Sikakane. “Crowdfunding is not completely off the table. It’s just that for now in order to recapitalise the business, we needed immediate cash which the [new] anchor investor is more than willing to put up,” says Sikakane. Sikakane is keeping...