Harare — ECONET Wireless has raised its stake in Rainbow Tourism Group to about nine percent after buying an additional six percent last week.

The deal was struck last week and is worth about US$4,2 million. It was a special bargain for 113,4 million shares and was conducted at US3,75c per share.

At that particular trading day, normal trades went through at US2,5c. It is understood that Mr Herbet Nkala, former chairman of the hospitality group sold the stock.

The deal was done through Kingdom Stockbrokers, the seller and Renaissance Securities, the buyer. Prior to the latest transaction, Econet held 2,78 percent through EW Capital Holdings.

The telecommunications giant becomes the fourth largest single shareholder in RTG after Bahhams Investments Private Ltd with 23,59 percent, Krumlov Estates Ltd with 11,92 percent and Krumlov Estates with 9,72 percent, according to the latest RTG shareholder register.

Econet spokesperson Mr Ranga Mberi was not answering his mobile phone. RTG spokesperson Ms Eltah Nengomasha referred questions to Econet.

The RTG board recently survived an attempt to oust it by one of its major shareholders Mr Nick Van Hoogstraten at the annual general meeting.

Mr Van Hoogstraten holds over 465 million shares representing 34 percent equity through Banhams Investments with 388,164,559 million shares, Messina Investment and Willoughby Finance.