24 April 2014
   
New Zimbabwe Header
Zanu PF looks to revive the Zim$, claim
Bulawayo far from dead: Mayor
$6000 pay cap, govt admits defeat
MDC-T rebels hit back at Tsvangirai
ICT can grow Zim economy: Wharton
Fake flood victims face arrest: Govt
Majome ZBC challenge mischievous: Govt
Govt informs diamond firms of dislodge plans
MORE NEWS
Taxing informal sector counterproductive
Freda Rebecca gold production falls
MORE BUSINESS
Sindisiwe Dube: Byo’s music princess
Sulu: The secret to my success
MORE SHOWBIZ
FC Platinum fires asst coach Dinyero
City discusses Coach Mawiwi's future
MORE SPORTS
Is Malema's EFF an alternative for SA?
What Tsvangirai could learn from Nkomo
MORE OPINION
 
How Zim squandered Marange gift
Easter has no bearing on Christianity
MORE COLUMNISTS
 
 
Chinese airline Hainan in Air Zimbabwe talks
17/11/2011 00:00:00
by Staff Reporter
 
Take-over talks ... Air Zimbabwe facing collapse
 
RELATED STORIES
Minister's fury over AirZim downgrade
Air Zim resumes Beijing, London flights
Air Zimbabwe courts foreign partners
Fuel dispute grounds Air Zimbabwe
US$140m Air Zim debt wiped off
Air Zimbabwe re-opens London route
Storm-flying pilot gets wings back

AIR Zimbabwe is in take-over talks with China’s largest privately-owned airline, officials confirmed after a meeting with President Robert Mugabe in Beijing on Thursday.

Hainan Airlines, one of only seven airlines in the world to be given a 5-star rating by the independent research consultancy firm Skytrax, operates 112 planes and flies to 90 destinations.

The airline’s board chairman Chen Wenli met Mugabe to discuss government plans to give up a substantial shareholding in Air Zimbabwe to save it from collapse.

Wenli said they were studying a proposal put forward by the Zimbabwe government for a take-over, in a deal thought to be structured in the same way as Essar’s acquisition of Ziscosteel earlier this year. In that deal, the government waived a legal requirement for at least 51 percent shareholding to be retained by locals to force a deal through.

The government has already absorbed Air Zimbabwe’s US$140 million debt to clear a major hurdle in the take-over talks.

Zimbabwe's Ambassador to China, Frederick Shava, said talks with Hainan Airlines had opened before Mugabe’s visit to China. Mugabe met Wenli to make a "follow-up", he added.

“Hainan said they are still studying some aspects of the proposal and soon they should be able to define the nature of the relationship (with Air Zimbabwe). They are a very viable airline themselves operating here in China and Asia," Shava said.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker