21st Apr 2008 07:00
Lonrho PLC21 April 2008 21st April 2008 LONRHO PLC ("Lonrho" or the "Company") Lonrho to develop a bonded 'dry port' logistics centre in Luanda, Angola with Enditrade Logistica Integrada Lonrho Plc (AIM: LONR), the conglomerate with a structured portfolio of Africaninvestments, today announces that it has signed an agreement with EnditradeLogistica Integrada Sarl ("Enitrade") to establish a new logistics centre andbonded 'dry port' in Luanda, Angola, to be known as the Enditrade LogisticsTerminal ("ELT"). Enditrade, a logistics group, is a 100% owned subsidiary of the Angolan Stateowned company, Endiama. When developed, ELT will comprise a new 3,867m2 office development and a15,000m2 bonded 'dry port' facility. It will be developed on existing, zoned,Enditrade owned land at Grafanil, Luanda. This location has been chosen for itsexcellent access to major road systems and its proximity to the new Luandaairport currently under development. Initially focused on the requirements of the mining industry, the 'dry port'will provide a fast track solution for goods being imported into Angola tosupport the development of Angolan industry. Currently there is severecongestion at all the major Angolan ports, often causing delays of up to threemonths to clear goods. This has developed as a result of the rapid growth of theAngolan economy. The backlogs and delays are a growing concern for localindustry. ELT has been developed by Enditrade as a solution to help reduce the significantcongestion at Luanda and other ports, by providing the ability for designatedcontainers and cargoes to be rapidly offloaded at the port and delivered in bondto the new secure facility. They will then be cleared by customs officials basedat ELT for delivery to customers throughout Angola. The state of the art terminal will utilise the latest technology in containerhandling systems and equipment to provide an efficient and rapid service to itscustomers, and help to reduce congestion at sea ports. The 20,733m2 ELT facility will cost US$ 9.0 million to develop. A new Angolancompany has been established for the project, ELT Luanda, which will be owned asto 51% by Lonrho; 30% by Enditrade and 19% by Project Net. Following repayment of all commercial loans for the project, dividends will besplit 40% Lonrho; 35% Enditrade and 25% Project Net. Enditrade will lease the site for 20 years to ELT Luanda, on a peppercorn rent,and will co-manage the operation with Lonrho. Project Net, an Angolan project development company, will project manage thedevelopment of the facility and arrange local commercial funding for thedevelopment. Lonrho will provide funds for the balance of the project cost notavailable from the local market. Enditrade has obtained planning and customs authority for the development of theproject which is scheduled to be completed and operational within nine months ofthe development commencing. David Lenigas, Lonrho's Executive Chairman commented: "This is a significant project that will bring direct benefits to the economicgrowth of industry in Angola. The Enditrade Logistics Terminal will providemodern, efficient logistics solutions that will fast track the movement of goodsinto and around the country. "I am confident that this facility, once operational, will be able to bereplicated in conjunction with Enditrade on other sites in Angola to create anetwork of state of the art logistics terminals that will begin to address therequirements of the Angolan market." ENQUIRIES Lonrho Plc +44 (0)20 7016 5105David Lenigas, Executive Chairman +44 (0)7881 825 378Geoffrey White, Chief Executive Officer +44 (0)7717 307 308Emma de Borchgrave, Executive Director +44 (0)7867 785 177 Pelham PRCharles Vivian +44 (0) 20 7743 6672 +44 (0) 7977 297903James MacFarlane +44 (0) 20 7743 6375 +44 (0) 7841 672831 Collins Stewart Europe : NOMAD to LonrhoHugh Field / Simon Alston +44 (0) 20 7523 8350 NOTES TO EDITORS About LONRHO: Lonrho Plc is an expanding conglomerate that is rapidly growing a successfulbusiness throughout Africa. The Company's shares are traded on the London AIMstock exchange (LONR). Lonrho is strategically focused on the development ofbusiness opportunities in infrastructure, transportation, support services andnatural resources. The Company has over 20,000 shareholders and substantialinstitutional backing to support its mandate to build a profitable business thatplays a fundamental role in the development of the African economy. Since 2006, the Company has invested in or acquired control of: Hotel Cardoso - www.hotelcardoso.co.mz Lonrho Mining - www.lonrhomining.com Luba Freeport - www.lubafreeport.com Fly540 - www.fly540.com Norse Air - www.norseair.co.za Swissta Holdings - www.swissta.com SA Independent Liner Services - www.saliners.com Bytes and Pieces Kwikbuild - www.e-kwikbuild.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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