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Nqobile Bhebhe, [email protected]

RAINBOW Tourism Group (RTG) is on the verge of acquiring Montclair Hotel and Casino (Private) Limited, a premier hospitality establishment in Juliasdale, Nyanga, Manicaland Province.

The company has signed a sale and purchase agreement to secure all ordinary shares of Briolette Services (Private) Limited, the operator of the Montclair Hotel and Casino, for a purchase price of US$5 million.

Montclair, owned by a consortium of 23 indigenous shareholders, boasts a range of luxury amenities, including an in-house casino, 85 rooms and a nine-hole golf course, making it a key player in the region’s tourism and hospitality industry.

In a statement, RTG officially notified shareholders of the development.

“The board of directors of Rainbow Tourism Group Limited (“the Company”) wishes to advice shareholders and the investing public that the Company has signed a sale and purchase agreement for the acquisition of the entire issued ordinary shares of Briolette Services (Private) Limited trading as Montclair Hotel and Casino (“the transaction”), for a purchase consideration of US$5 million,” reads part of the cautionary statement.

The transaction’s conclusion is contingent on meeting arious conditions precedent. RTG is currently navigating the requisite processes to finalise the deal.

“The company is now engaged in the necessary processes to finalise and execute the sale and purchase agreement, including satisfying all conditions precedent.

“If successfully concluded, the transaction may have a material effect on the price of the company’s securities,” said RTG.

RTG advised shareholders to remain cautious and consult professional advisors regarding any dealings in the company’s securities while the transaction unfolds.

“Therefore, shareholders are advised to exercise caution and to consult their professional advisors when dealing in the company’s securities,” said RTG.

As one of Zimbabwe’s largest tourism operators, RTG is listed on the Zimbabwe Stock Exchange (ZSE) and manages an extensive portfolio of hotels and conference facilities nationwide.

This acquisition is part of RTG’s broader strategy to strengthen its market position.

Earlier this year, RTG announced a strategic partnership with Grand Metropolitan Hotels BV (GMH), a Swiss-based international hospitality firm head-quartered in the Netherlands.

The partnership aims to position RTG as one of Africa’s leading hospitality players by focusing on management contracts, franchises, leases and online opportunities.

The collaboration is expected to unlock new ventures across the African continent, leveraging opportunities within both the hospitality and technology sectors.

If successful, the Montclair acquisition will further cement RTG’s reputation as a key driver of tourism development in Zimbabwe and beyond.