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.
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.
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