AB Communications takes control of Rainbow Airlines

AB Communications takes control of Rainbow Airlines

Feb 27, 2017: Media group AB Communications (AB) could emerge with full control of Zimbabwe's newly licensed Rainbow Airlines amid disclosures AB has been given the right of first refusal to snap up the 30 per cent stake being held by its partners in the company.

AB Communications Chief operating office and Rainbow Airlines project manager Gilbert Muponda.

According to media reports, AB invested into Rainbow Airlines in exchange for a 50 per cent stake in the company, but the shareholding was to later increase to 70 per cent after putting in a total of about US$1.2 million to meet capital requirements. The remaining 30 per cent stake, though contested from as far back as July 2016 between previous shareholders, has been offered to AB.

It is understood that Rainbow is currently being run by investment banker Gilbert Muponda of GMRI Capital after his company invested $600,000 into the business on behalf of AB.

As part of the loan agreements, GMRI is holding on to all legal corporate documents of Rainbow Airlines until the US$600 000 is fully repaid. Currently, Muponda is the project manager of Rainbow Airlines and AB chief operating officer.

Related Posts

Cargolux Airlines to start services to Cameroon and DRC

Cargolux Airlines to start ser ...

August 28, 2017: Cargolux Airlines is launching operations to two new destinations in Africa, Douala in Cameroon and Lubumbashi in ...

Mozambique and Malawi governments sign agreement to expand Nacala Development Corridor

Mozambique and Malawi governme ...

September 23, 2017: The Mozambique and Malawi governments have decided to expand the Nacala Development Corridor under an agreemen ...

Global cargo:  Africa scales new highs with 18.1% volume increase in July

Global cargo: Africa scales n ...

September 23, 2017: Global cargo volume has been consistently growing in 2017. The trend continued in the month of July as well. A ...

Zimbabwe's Harare Airport to be renamed as RG Mugabe International Airport

Zimbabwe's Harare Airport ...

September 22, 2017: Effective from November 9, 2017, Zimbabwe's Harare International Airport will be known as RG Mugabe Inter ...