This means the state-owned airline, which went into business rescue in January, won't be liquidated.

SA Express’s employees created a special purpose vehicle called Fly SAX. It's spokesperson, Thabsile Sikakane, says acting Public Enterprises DG Kgathatso Tlhakudi floated the idea a few weeks ago.

Soon after equity crowdfunding platform Uprise.Africa contacted employees to see if it could assist and prospective investors asked about backing the venture.

The institutional arrangements between other prospective shareholders and the employees must still be figured out.  Uprise.Africa will also be taking some precautions to protect all involved.

Investor registration is set to start in October, and registered organisations and individuals will be able to make an investment pledge in November.

Moneyweb