Zimbabwean national carrier courts investors as it seeks to revive fortunes

Source: Xinhua| 2018-11-12 20:44:04|Editor: xuxin
Video PlayerClose

HARARE, Nov. 12 (Xinhua) -- National carrier Air Zimbabwe, which was recently placed under an administration, on Monday invited interested parties to invest in it.

Parties interested in investing in the group are required to register interest with the Air Zimbabwe administrator at Grant Thornton Chartered Accountants, an informal tender notice from the administrator said.

Interested investors are required to pay a non-refundable documentation fee of 20,000 U.S. dollars and sign a non-disclosure agreement prior to receiving the information memorandum and other relevant documentation.

The administrator has also placed a tender for the wet lease of one of Air Zimbabwe's two Boeing 767-200ERs.

A wet lease is an arrangement covering the hire of an aircraft including the provision of a flight crew and sometimes fuel.

Transport and Infrastructural Development Minister Joel Matiza has said recommendations that the government should assume Air Zimbabwe's debt amounting to 377 million U.S. dollars could pave way for attracting a strategic partner.

"This (debt assumption by Government), as recommended by the committee (Portfolio Committee on Transport and Infrastructural Development), will give a competitive advantage to the airline as it seeks to engage a partner," state media quoted him saying last week.

"I intend to go to tender this coming week to seek an investor for the airline," he said.

The airline has been saddled with debt and has been failing to competitively service its routes with passengers suffering delays and even flight cancellations.