15th Oct 2007 08:00
Lonrho PLC15 October 2007 15th October 2007 LONRHO PLC (Lonrho or the 'Company') Lonrho increases equity stake in Container Shipping Company SAILS to 51% Lonrho (AIM: LONR), the conglomerate with a structured portfolio of Africaninvestments, is pleased to announce that it has acquired a further 6% of SALiners Limited ( "SAILS" ) for US$500,000, taking Lonrho's holding in SA Linersto 51% of the company. This increase reflects the Board of Lonrho's strategy that Lonrho should,whenever possible, maintain a majority shareholding and Board control of allgroup companies. Lonrho acquired 45% of SAILS and Board control in July 2007 for an investment ofUS$ 6 million. Since Lonrho's investment, SAIL's operations have expanded andthe fleet has grown from two to five vessels in service, which will be increasedto seven vessels by early December. Lonrho increased its shareholding in SAILS under the terms of a convertibleworking capital facility that had been put in place. David Lenigas, Lonrho's Executive Chairman commented: "SAILS is a core Lonrho business with significant potential. Strong demand fromcustomers has led to the recent increase in vessels in service and we alsoexpect there to be further expansion of the SAILS fleet next year. "Lonrho's increased equity in SAILS is another example of the Company'sobjective to hold a majority stake in each of its subsidiaries." 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 Priestley, Executive Director +44 (0)7867 785 177 Pelham PRCharles Vivian +44 (0) 20 7743 6672 +44 (0) 7977 297903Alisdair Haythornthwaite +44 (0) 20 7743 6676 +44 (0) 7714 721379 Collins Stewart EuropeHugh Field +44 (0) 20 7523 8350Jonny Sloan NOTES TO EDITORS About LONRHO: Lonrho Plc is an expanding conglomerate that is rapidly growing a successfulbusiness throughout Africa. The Company is listed on the London AIM stockexchange (LONR). Lonrho is strategically focused on the development of businessopportunities in infrastructure, transportation, support services and naturalresources. 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 (retained) • Nare Diamonds - www.narediamonds.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 • Bytes and Pieces • Celsys Limited - www.celsys.co.zw This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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