Nationwide announced today (Wednesday, 27th Feb 2008) that it is selling a majority 51% stake to the AGE Group (African General Equity). It's not too surprising, as it has been an open secret that the airline was looking for a buyer. We're dissapointed that the amount at which the transaction took place is not being disclosed, as this would give us an idea of what Nationwide's balance sheet looks like (an important indicator of the possibility of an airline going bankrupt and its tickets becoming worthless). We have been concerned about Nationwide's balance sheet since it ran into problems in December 2007. In line with this concern, Vernon Bricknell (Nationwide's Chief Executive Officer) mentioned that AGE would recapitalise Nationwide.
The African General Equity group is a social investment firm under the leadership of Reggie Naidoo. Its partners are Wiseman Nkuhlu (Chairman), Max Sisulu (Deputy Chairman) and Reggie Naidoo (Group Chief Executive Officer).