The Company is a pre-existing company as contemplated in Item 2 of Schedule 5 of the Companies Act, (No 71 of 2008), as amended, and was incorporated in accordance with the Legal Succession to the South African Transport Services Act No. 9 of 1989 to and, in terms of its enabling legislation.
(b) There are no private shareholders who currently hold shares in SA Express. The company is also subject to the provisions of the Public Finance Management Act, 1999, (PFMA) as amended. The government is the sole shareholder of the shares in the company and the rights attached to those shares are exercised by the Minister of Public Enterprises.
c). share purchaser was Government, represented by the Minister of Public Enterprises
d) amount paid was R140 million.
The company received a total of R1 549 000 000.00 during the 2018/19 and 2019/20 financial years. The company was required to provide the Minister with a commensurate request to increase the authorised and issued shares, accordingly. The process was not finalised and the provisional liquidator will only be able to address the matter, subject to prescribed requirements.