Question NW2284 to the Minister of Public Enterprises
20 November 2020 - NW2284
Maotwe, Ms OMC to ask the Minister of Public Enterprises
What informed the use of Treasury Regulation 16A6.6 to appoint Rand Merchant Bank as transaction advisor to oversee the Strategic Equity Partner transaction of Air Chef by SAA?NW2858
Reply:
SAA did not use Treasury Regulation 16A6.6 to appoint Rand Merchant Bank (RMB) as a transaction advisor to oversee the Strategic Equity Partner transaction of Airchefs. SAA used normal open competitive procurement processes to appoint RMB as transaction advisor for Airchefs.
The Department however, used Treasury Regulation 16A6.6 to appoint RMB as a transaction advisor to oversee the Strategic Equity Partner (SEP) transaction for SAA. This was carried out in order to speed up the process of assessing the best SEP for SAA as part of the work of concluding the business rescue process given the fact that RMB was already underseeing this SEP transaction with Airchefs.