Flysafair, the largest airline in South Africa, has been given for one year to reduce foreign shares.
According to the Ministry of Transportation statement on Wednesday, if the airline has not met the deadline from January 23, it is necessary to appear in front of the Domestic Aviation Service Council for the reason why the license should not be canceled.
According to Bloomberg, Flysafair needs to submit a term sheet that describes the milestone and compliance plan in detail within 14 days.
In December, the Council determined that Flysafair was not compliant with local ownership regulations.
According to the law, at least 75 % of domestic airline voting rights must be retained by South African citizens. This means that foreign or non -civil operations may invest in airlines, but cannot collectively manage voting rights.
The ruling came after a complaint by a domestic airline lift owned by the Global Airways business.
The grounds of 34 fleets and about 30,000 passengers every day, dominating 60 % of the domestic market, may have hundreds of thousands of people.
The South African aviation department has already been facing major issues, including long -term bankruptcy procedures in 2022, closing South African Airlines, closing state mango, and collapsing COMAIR LTD.
