Kaya 959, Thursday evening

Of Harath Aviation. So the total investment from the PIC is in the region of less than 2%, which I don't think anyone can argue gives it any sort of form of control. So let's put that bug there to sleep first and foremost. I think that the airline can be properly considered to continue to be private and will get on with business as best as it knows how. Okay, and why is it significant that acquisition? Well, it's significant for.

For two key reasons. The first is that you may recall that FlySafair pretty much had its back to the wall in terms of its own ownership structure. When it had been launched back in 2014, two competitive airlines had laid complaints against its ownership structure, arguing that it was 75% foreign owned, which contravened the maximum limit of 25% foreign ownership for a South African airline. I need to briefly point out that.

That's a pretty arbitrary restriction. Most companies allow 50% ownership of local airlines, foreign ownership of local airlines. But anyway, and then SAFAI fixed it, and then it got unfixed just before COVID. And the complaints went on again, and these complaints have dragged on for the past six years, costing fortunes and legal fees and postponements and what have you. But at least this Harris deal settles that. The other key point is that Harath has been looking around for additional.

Aviation investments. It already owns Lanseria Airport, but it's been bidding after SAA through the Tukotsa Consortium deal, which was always a bit of a non-starter. So it fulfills its objective there. And it fulfills its broader objective in investing in key African transport infrastructure, which seemingly it's doing quite well at, although I have to say I'm a little dubious about its ability to make a good

Return on investment from an airline. Okay, let's speak about that Takatsu deal. You spoke about it. What happened there? Oh, what happened? The, you know, my view on that is a little jaundiced. My view is that Pravin Gordhan, who was in the minister at the time, was never serious about it. He'd made it as a sort of SOP when rescuing SAA from the business rescue process and having pumped in.

50 billion. And he says, don't worry, everybody. We won't put any more money into it. We'll find a strategic equity partner. And I was skeptical that anyone would be found. But Holden Below, Harris, emerged with this Tucatsa consortium. But it was clear that there were any number of conditions precedent from the shareholder, which means the government, in terms of a key shareholding, that you government ultimate control and.

And so on that made the deal actually increasingly unappealing for any private sector investment. And so eventually, just quietly, the whole deal did indeed fall over. And so let's go back to the Fly Safe or the Safe Holdings deal. Do we understand what could happen post the actual acquisition in terms of would there be significant changes in how that company operates or would it be