HEADLINE NEWS

Air Tanzania reverts to 100 per cent Tanzania government ownership, as former 49 per cent stake held by South African Airways is reportedly bought back for  US$1

The Tanzanian government paid a nominal $1 to South African Airways (SAA) to reclaim the company's 49 percent stake in the east Africa country's national airline, a government official has said.

South African Airways purchased its 49 per cent stake in Air Tanzania for US$20 million in 2002, as part of the SAA policy to strengthen its market across Africa.

The Tanzanian government is reported to have allocated funding of US$10 million over the next 12 months for the restructuring of Air Tanzania, and many new members of management have been brought into the airline.

8th September 2006