South Africa's government announced Friday it would sell a majority stake in cash-strapped flag carrier SAA to a consortium that includes the operator of a local budget airline, effectively privatizing it.

South Africa agrees to privatise South African Airways

South African Airways (SAA) had to be placed on "business rescue" because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday.

Only option was to put South African Airways on rescue: Ramaphosa

South African Airways workers on Friday embarked on an indefinite strike for higher wages and against the national carrier's retrenchment plan, forcing the cash-trapped airline to ground hundreds of flights.

South African Airways hit by crippling strike

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South Africa agrees to privatise South African Airways

Only option was to put South African Airways on rescue: Ramaphosa

South African Airways hit by crippling strike