Chobe pulls out of Namibia, Zambia

Already, Chobe has sold its majority stake in Ilombe Lodge and Fishing Camp in Zambia to the minority shareholding, while it has fully impaired its P4.2 million investment in Lianshulu Lodges on the Caprivi Strip.

The tourism giant will hope to recoup its investment losses in Lianshulu from the disposal of the asset later this year.  The latest moves mean the group will retain Chobe Savannah Lodge on the Caprivi Strip as its only investment outside Botswana. According to the group's recently released financials, Chobe has already recovered its impairment from the Ilombe investment via the sale to the minority shareholder.  As at February 28 2011, Chobe had fully impaired its P4.24 million investment in Lianshulu Lodge.