• RTG continue negotiations for potential acquisition of complementary business
  • Group issues fourth cautionary statement
  • RTG further plans to expand hotel portfolio and invest in tour operations

Harare- Rainbow Tourism Group Limited, a prominent player in the hospitality sector listed on the Zimbabwe Stock Exchange has released its fourth cautionary statement regarding the ongoing negotiations for the acquisition of a complementary business. The company aims to expand its operations and enhance its market position through this strategic move.

In its latest circular on Friday, the Company said, “Further to the cautionary statements published on the 6th and 27th of July and 24th of August 2023, the board of directors of Rainbow Tourism Group Limited wishes to advise all stakeholders and the investing public that the company remains engaged in negotiations for an acquisition of a complementary business to the company’s operations.”

Rainbow Tourism Group Limited has been actively engaged in discussions and negotiations for the acquisition of a complementary business which is not yet disclosed. The company's board of directors has now issued its fourth cautionary statement, emphasising that these negotiations are still underway.

As negotiations progress, Rainbow Tourism Group highlights that the successful conclusion of the acquisition transaction could have a material effect on the price of the company's securities. This cautionary statement serves as a reminder to stakeholders and the investing public to carefully consider the potential implications of the acquisition on the value and market perception of Rainbow Tourism Group Limited.

The company recognises the significance of this potential acquisition and its potential to reshape the company's strategic landscape. By acquiring a complementary business, Rainbow Tourism Group aims to strengthen its competitive position in the tourism industry, expand its service offerings, and capture new growth opportunities.

In addition to its ongoing negotiations for the acquisition of a complementary business, the Group announced its plans to expand its hotel portfolio in carefully selected areas across the country. This strategic move is aimed at increasing value for the company's shareholders and capitalising on growth opportunities within the tourism industry.

Recognising the potential for growth in the tourism value chain, Rainbow Tourism Group is also focusing on expanding its reach through investments in tour operations and Heritage Expeditions Africa. By diversifying its offerings and investing in complementary businesses, the company aims to strengthen its position in the market and provide a comprehensive range of services to its customers.

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