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South African Airways to swap A320 order for A330
The South African government has approved a swap transaction where the purchase of ten remaining A320s on order by SAA would be cancelled and SAA will instead enter into operating leases on five A330-300s. From an operational point of view, the A330-300s would be deployed to phase out the A340-600 wide body fleet, which was anticipated to result in cost savings. (www.fin24.com) More...
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It's complicated. "Nene has instructed SAA that it must implement the transaction structure in line with the approval that had already been granted. That would mean to conclude the agreement to swap the purchase of ten A320s for a lease of five A330s from Airbus." Further down in the article, "In November 2015, SAA indeed asked Nene's approval to amend the structure of the original swap transaction that had been approved by him." This is what has not been approved, so that the originally negotiated swap can take place.
Lucky instruction manuals aren't so poorly written!
Headline does not quite imitate articles content!
Minister of Finance Nhanhla Nene has not approved the proposed amendment to SAA's Airbus A320/A330 swap transaction structure, National Treasury said on Thursday.