The Minister of Public Enterprises intends to introduce the South African Express Enabling Bill 2007.
Or e-mail to: Denzel. Matiila@dpe.qov.
Denzel can be reached at (012) 431 113111194 for enquiries.
(As introduced in the National Assembly (proposed as section 75): explanatory summary of Bill published in Government Gazette No.
To provide for the transfer of shares, loan accounts, liabilities and guarantees from Transnet Limited in South African Express (Proprietary) Limited to the State, to provide for the conversion of South African Express (Proprietary) Limited into a public company having a share capital incorporated in terms of the Companies Act, 1961; and to provide for matters connected therewith.
131 "Legal Succession Act" means the Legal Succession to the South African Transport Services Act, 1989 (Act No.
"PFMA" means the Public Finance Management Act, 1999 (Act No.
Transnet and the State.
the conversion of South African Express (Proprietary) Limited into a public company with share capital.
which of the SAX claims and which assets, liabilities, rights or obligations of Transnet in connection with SAX constitute the SAX interests; and b the consideration payable for the transfer of the SAX shares and the SAX interests to the State.
In the absence of an agreement between the Minister and Transnet on any matter referred to in section 3(1), that matter must be finally determined by the Minister, with the concurrence of the Minister of Finance.
the State becomes the shareholder and member of SAX; and b the Minister shall exercise all of the rights attaching to the SAX shares and SAX interests, on behalf of the State, including the rights as shareholder and member of SAX.
The main object of SAX is to engage in passenger airline and cargo transport services, mail, air charter and other related aviation services in South Africa, the African continent and surrounding islands.
of the Companies Act, none of the objects ancillary to the main objects of SAX are excluded.
Subject to the PFMA, SAX may borrow money or issue a guarantee, indemnity or security, or enter into any transaction necessary to achieve its obiects referred to in section 4.
After the transfer date, the Minister may on behalf of the State request the Registrar of Companies in writing to convert South African Express (Proprietary) Limited into a public company having a share capital in accordance with the Companies Act.
register the conversion of South African Express (Pty) Ltd.
No additional fee referred to in section 63 (2) of the Companies Act is payable in respect of the registration of the memorandum and articles referred to in subsectio (3) (a).
The Registrar of Companies must issue such directives and authorise such deviations from the egulations in force in terms of the Companies Act and the documents prescribed in terms thereof as he or she may consider necessary in order to give effect to this section.
of the Companies Act do not apply to South African Express Limited for so long as the State holds 75 per cent or more of the total issued ordinary shares in the Company.
The Minister may, by notice in the Government Gazette. make regulations regarding any ancillary or incidental administrative or procadural matter that it is necessary to prescribe for the proper implementation or administration of this Act.
Africa by proclamation in the Gazette.
1.1 In 2004 the Minister approved the disposal of non-freight assets from Transnet Limited ("Transnet") as part of Transnet's new four-point turn around strategy. The Minister of Public Enterprises has agreed with Transnet to transfer Transnet's entire shareholding, including claims in and to SAX in terms of a share sale agreement. This agreement will be subject to the fulfilment of certain suspensive conditions, which will include the passing of any legislative mandate required to implement the transfer. The SAX Bill is part of such legislative mandate.
1.2 The Bill provides flexibility for funding and private sector involvement as well as the possibility that SAX may be converted into a public company. Public companies are generally recognised as the optimal corporate form to access capital markets and enable future private sector investment, where necessary.
2.2 the conversion of SAX into a public company with share capital.
Transnet and SAX.
24 No. 29879 GOVERNMENT GAZETTE. 11 MAY 2007 4.
International Licensing Council and replacing Transnet as the present guarantor.
of the Constitution applies.
of the Traditional Leadership and Government Framework Act, 2003, (Act. No.41 of 2003), since it does not contain provisions pertaining to customary law or customs of traditional communities.