LISTED hospitality company Rainbow Tourism Group (RTG) is now debt-free, after paying off outstanding debts during the year to December 31, 2020, the company’s chairman, Arthur Manase, has said.
Announcing the company’s financial results Manase said the repayment of the debenture reduced the group’s gearing to one percent.
In 2012 RTG’s gearing was at 70 percent.
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“During the year, the group repaid the debenture of $16,7 million in full. This instrument was issued in February 2018 at an interest rate of six percent and tenure of seven years. The early repayment of the debenture released the group’s assets which were pledged as security,” Manas
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