Burundi Airlines, State Has 92% Stake

Burundi – The government of Burundi has announced creation of a new air transport company called Burundi Airlines, taarifa reliably reports

According to details reaching our business desk, Burundi Airlines was established on Thursday from a merger between Air Burundi and SOBUGEA insurance company. This was during a constitutive general meeting of shareholders.

Immaculé Ndabaneze, Minister of Trade, Transport, Industry and Tourism said the creation of the new air transport company is the result of a long process.

“The genesis comes from an audit report carried out since 2017 and validated in 2019 as part of the initiative of the government of Burundi to review the performance of these two institutions,” She said.

The total capital of the new company is estimated at more than BIF 15 billion (U$ 7,740,799) according to Minister Ndabaneze.

Pierre Nizigiyimana, chairman of the ad hoc merger committee, said the shareholders are the State of Burundi, the SOCABU insurance company and the SABENA company, respectively 92%, 4% and 4% bankrupt.

The general assembly appointed the State of Burundi as the reference shareholder of the new company Burundi Airlines.

The minister said that  they will determine the type of aircraft to buy and the mechanisms necessary to obtain the financing.

She reassured the staff of the two merged companies; “The staff of SOBUGEA and Air Burundi will stay in place, but obviously they will sign new contracts, because it is a new company. “

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