@BusinessDaily

Ethiopian Airlines acquires 45pc stake in Zambia Airways

11 months ago, 17 Jan 12:46

By: Kiplagat Edwin

Ethiopian Airlines has acquired a 45 per cent stake in Zambia Airways that is set to be re-launched after more than two decades. Africa's most profitable airline said Tuesday it has finalised a shareholders agreement with Zambia in line with its vision of setting up multiple hubs in southern and central Africa and the Horn. The move comes just months after it confirmed plans to acquire Nigeria's leading carrier, Arik Air, underlining the Ethiopian airline's plan to expand its presence in Africa. Under the pact, the Zambian government will be the majority shareholder with a 55 per cent stake. “The [re-]launching of Zambia Airways will enable the travelling public in Zambia and the southern African region to enjoy greater connectivity options, thereby facilitating the flow of investment, trade and tourism, and contributing to the socio-economic growth of the country and the region,” said Mr Tewolde Gebremariam, the CEO of Ethiopian Airlines Group. In the statement, Mr Tewolde said Zambia Airways will serve national and regional destinations before embarking on international flights.  In December, Zambia's Cabinet approved the revival of the national airline at an estimated cost of $30 million. The airline was liquidated in 1994 after running broke largely due to patronage and abuse by the political establishment. Ethiopia Airlines runs Togo's Asky Airlines where it holds a 40 per cent stake and Malawian Airlines, formerly Air Malawi, where it has a 49 per cent shareholding.
Read More


Category: business news corporate lifestyle economy opinion markets

Suggested

1 hours ago, 09:49
@BusinessDaily - By: Afp
Google+. The end.

The Google+ social network will close in April -- four months earlier than planned. ...

Category: business markets news
2 hours ago, 09:39
@CapitalFMNews - By: Agence France Pres ...
Huawei exec seeks Canada bail, proposes electronic monitoring

Vancouver, Canada, Dec 11 - A top executive of Chinese telecom giant Huawei sought release from Canadian detention Monday, offering to submit to strict Kenya breaking news | Kenya news today | ...

Category: business
1 hours ago, 10:31
@BusinessDaily - By: The Conversation
Nairobi's forced evictions Why the city has a problem

Forceful evictions, whether legal or illegal, are typical in the city’s slum areas. ...

Category: business news
29 minutes
@BusinessDaily - By: Constant Munda
CBK launches new Kenyan currency

The new currency coins will circulate alongside existing ones. ...

Category: business news
1 hours ago, 10:10
@BusinessDaily - By: Victor Juma
Ndegwa family puts empire on new path with asset sales

Planned merger of NIC Group with CBA is one of five disposals and mergers that have been either proposed or completed by the Ndegwas in the past four years ...

Category: business news
2 hours ago, 09:39
@BusinessDaily - By: Galgallo Fayo
Energy firm starts fight over award of licences

Jacaranda Energy Limited is seeking revocation of all geothermal licences issued after August 2010 ...

Category: business news economy corporate

@BusinessDaily

Ethiopian Airlines acquires 45pc stake in Zambia Airways

11 months ago, 17 Jan 12:46

By: Kiplagat Edwin
Ethiopian Airlines has acquired a 45 per cent stake in Zambia Airways that is set to be re-launched after more than two decades. Africa's most profitable airline said Tuesday it has finalised a shareholders agreement with Zambia in line with its vision of setting up multiple hubs in southern and central Africa and the Horn. The move comes just months after it confirmed plans to acquire Nigeria's leading carrier, Arik Air, underlining the Ethiopian airline's plan to expand its presence in Africa. Under the pact, the Zambian government will be the majority shareholder with a 55 per cent stake. “The [re-]launching of Zambia Airways will enable the travelling public in Zambia and the southern African region to enjoy greater connectivity options, thereby facilitating the flow of investment, trade and tourism, and contributing to the socio-economic growth of the country and the region,” said Mr Tewolde Gebremariam, the CEO of Ethiopian Airlines Group. In the statement, Mr Tewolde said Zambia Airways will serve national and regional destinations before embarking on international flights.  In December, Zambia's Cabinet approved the revival of the national airline at an estimated cost of $30 million. The airline was liquidated in 1994 after running broke largely due to patronage and abuse by the political establishment. Ethiopia Airlines runs Togo's Asky Airlines where it holds a 40 per cent stake and Malawian Airlines, formerly Air Malawi, where it has a 49 per cent shareholding.
Read More

Category: business news corporate lifestyle economy opinion markets

Suggested

1 hours ago, 09:49
@BusinessDaily - By: Afp
Google+. The end.

The Google+ social network will close in April -- four months earlier than planned. ...

Category: business markets news
2 hours ago, 09:39
@CapitalFMNews - By: Agence France Pres ...
Huawei exec seeks Canada bail, proposes electronic monitoring

Vancouver, Canada, Dec 11 - A top executive of Chinese telecom giant Huawei sought release from Canadian detention Monday, offering to submit to strict Kenya breaking news | Kenya news today | ...

Category: business
1 hours ago, 10:31
@BusinessDaily - By: The Conversation
Nairobi's forced evictions Why the city has a problem

Forceful evictions, whether legal or illegal, are typical in the city’s slum areas. ...

Category: business news
29 minutes
@BusinessDaily - By: Constant Munda
CBK launches new Kenyan currency

The new currency coins will circulate alongside existing ones. ...

Category: business news
1 hours ago, 10:10
@BusinessDaily - By: Victor Juma
Ndegwa family puts empire on new path with asset sales

Planned merger of NIC Group with CBA is one of five disposals and mergers that have been either proposed or completed by the Ndegwas in the past four years ...

Category: business news
2 hours ago, 09:39
@BusinessDaily - By: Galgallo Fayo
Energy firm starts fight over award of licences

Jacaranda Energy Limited is seeking revocation of all geothermal licences issued after August 2010 ...

Category: business news economy corporate
Our App