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<p>Over the past decade, the Gulf Co-operation Council has emerged as a major investor across Africa. With the recent changes in South Africa&#8217;s political landscape and infrastructural needs, how has the investment landscape changed for South Africa? This Focus On puts the spotlight on key areas of interest from the Middle East.</p>


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Focus On: SA investment proposition into Middle East investors

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<p>This Focus On special puts Africa’s investment and trade opportunities in the spotlight. WE explore how Africa can grow together in a fragmented world and the role that one of Africa’s largest bank plays in driving growth.</p>


Focus On: Africa’s competitive advantage: Growing together in a fragmented world

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<p>This Focus On special will place the spotlight on how best to unlock Africa for growth and the role of commercial banking in shaping its future. We bring key voices that will share global and continental views on Africa&#8217;s competitive advantage in finding growth opportunities.</p>


Focus On: Africa’s competitive advantage: Finding growth opportunities


<p>JSE-listed airline, <a href="https://www.cnbcafrica.com/videos/2020/02/27/comair-ceo-on-covid-19-impact-on-business/">Comair</a>, has announced the group will enter business rescue to safeguard the interests of the company and its stakeholders after the <a href="https://www.cnbcafrica.com/videos/2020/05/04/covid-19-lockdowns-when-is-the-right-time-to-reopen-economies/">COVID-19 crisis</a> disrupted the implementation of a turnaround plan.</p>



<p>In its H1, FY20 results Comair reported a half-year loss of R564 million. Although revenue grew by 3%, this was reportedly not enough to offset cost increases of 14% resulting from significantly higher fleet and maintenance costs.</p>



<p>Read the full statement below:</p>



<p><strong>Comair enters business rescue in response to unprecedented circumstances resulting from Covid-19</strong></p>



<p><strong>&#8211; Move aims to restructure the airline as a sustainable business</strong></p>



<p><strong>Tuesday, 5 May 2020:</strong> Listed airline company, Comair, today announced the group will enter business rescue to safeguard the interests of the company and its stakeholders after the Covid-19 crisis disrupted the implementation of a turnaround plan.</p>



<p>Comair CEO, Wrenelle Stander, said the company, which reported a half-year loss of R564 million for H1 F20, faced an unprecedented situation following the Covid-19 lockdown.</p>



<p>“While we had started making good progress to fix the financial situation six months ago, the crisis has meant we have not been able to implement it as we intended.</p>



<p>“We completely understand and support the government’s reasons for implementing the lockdown, however as a result we have not been able to operate any flights. Now that the phased lockdown has been extended the grounding is likely to endure until October or even November. These extraordinary circumstances have completely eroded our revenue base while we are still obliged to meet fixed overhead costs. The only responsible decision is to apply for business rescue.”</p>



<p>In terms of the lockdown Comair was required to stop flying on 26 March and has not operated any passenger services since. The Covid-19 crisis has also severely affected the global airline industry. A number of carriers have gone out of businesses. Others such as Virgin Australia and Air Mauritius have implemented restructuring processes, similar to business rescue.</p>



<p>“Comair remains solvent and an important contributor to the South African economy. This is a necessary process to ensure a focussed restructuring of the company takes place as quickly as possible so we can take to the skies again as a sustainable business and play our part in the county’s airline industry,” says Stander.</p>



<p>Shaun Collyer and Richard Ferguson have been appointed as the joint business rescue practitioners with effect from 5 May 2020.</p>



<p>Comair was granted approval to suspend the trading of its shares on the JSE with immediate effect. The business rescue practitioners will provide shareholders and all other stakeholders with further updates throughout the process.</p>



<p>The business rescue process will build on the turnaround plan that Comair management was already implementing. It aims to preserve cash, cuts costs, dispose of non-performing assets and strengthen the balance sheet. The Section 189A process, which was part of this plan and that began on 23 March, will continue.</p>



<p>The business rescue practitioners will work with the management team and the board towards Comair resuming operations in accordance with all regulatory requirements, including the health protocols to prevent the spread of Covid-19. Stander said Comair will resume its operations in accordance with government directives and will continue to engage with government to accelerate the opening of the airline industry.</p>



<p>“The health and welfare of our customers, crew and the public is the overriding priority and we will only operate when we are sure we can do so safely.”</p>



<p>Customers with existing bookings will be able to rebook flights within 12 months of their departure date. There will be no charge for any changes made before 1 November 2020.</p>



<p>“Through this process we intend to right-size our operations to be more efficient, agile and customer-centric. This includes, but is not limited to, reconfiguring our network and fleet mix, reviewing portfolios and joint ventures, increased digitisation of the business and new product development and delivery,” says Stander.</p>



<p>“We are confident that with the work we’ve already done and the support of our stakeholders we will get through this process and will be a more sustainable business, better positioned to continue serving the flying public and contributing to the South African economy.”</p>



<p>The business rescue practitioners will contact all stakeholders and suppliers to plan the way ahead in accordance with the processes set out in the Companies Act.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


International travel for South Africans is now allowed, this is how it will work

COVID-19: SA based airline Comair enters business rescue

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JSE-listed airline operator Comair has reported a R555 million half-year net loss. The company is facing tough skies ahead as it looks to claim compensation from Boeing for the grounding of the Boeing 737 MAX 8 as well pursuing to claim the full outstanding amount owed by SAA whilst implementing cost cutting measure. Comair CEO, Wrenelle Stander joins CNBC Africa for more.</p>


Comair CEO on COVID-19 impact on business

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<p>Comair’s revenue increased by 9 per cent to R7.1 billion in the year to-end June mainly attributed by R1.27 billion settlement it received from SAA. The company also saw a 16 per cent increase in operating expenses to R6.26 billion. Joining CNBC Africa for more is Wrenelle Stander, Joint CEO, Comair Limited.</p>


SAA settlement lifts Comair’s earnings

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<p>There have been quite a few board changes in corporate South Africa in the last few hours in everything from mining to airlines. CNBC Africa&#8217;s Chris Bishop filed this special report.</p>


wrenelle stander

Focus On: SA investment proposition into Middle East investors

Focus On: Africa’s competitive advantage: Growing together in a fragmented world

Focus On: Africa’s competitive advantage: Finding growth opportunities

Focus On: Africa’s competitive advantage: Finding growth opportunities

COVID-19: SA based airline Comair enters business rescue

Comair CEO on COVID-19 impact on business

SAA settlement lifts Comair’s earnings

Comair names Glenn Orsmond, Wrenelle Stander as new joint CEOs

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wrenelle stander

Focus On: SA investment proposition into Middle East investors

Focus On: Africa’s competitive advantage: Growing together in a fragmented world

Focus On: Africa’s competitive advantage: Finding growth opportunities

Focus On: Africa’s competitive advantage: Finding growth opportunities

COVID-19: SA based airline Comair enters business rescue

Comair CEO on COVID-19 impact on business

SAA settlement lifts Comair’s earnings

Comair names Glenn Orsmond, Wrenelle Stander as new joint CEOs

News Tips

Advertise With Us

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