Chobe buys Moremi Safaris

In a statement accompanying the company’s results for the year ended February 2014, Chobe announced that its subsidiary, Desert and Delta Safaris has bought a 100 percent interest in Moremi Safaris, owners and operators of Camp Xakanaxa, a 24-bed lodge in the game reserve. The company says that P36.8 million of the purchase price was paid to the vendors from internally generated cashflows.

In terms of the sale agreement the balance of P1 million is payable to the vendors on 31st July 2014. Chobe says that the post-acquisition financial performance of Moremi Safaris has fully justified the acquisition. During the period under review bednights sold increased from 42,117 in the prior year to 45,944 with Camp Xakanaxa contributing 2,264 bednights post-acquisition.