21st Dec 2009 12:21
21 December 2009
Lonrho plc
("Lonrho" or "the Company")
Lonrho increases it's holding in Kwikbuild Corporation to 70%
Lonrho Plc is pleased to announce that the Company has increased its holding in its building solutions subsidiary, Kwikbuild Corporation Limited ("Kwikbuild" or "the Business"), to 70%. In line with it's stated intention to increase it's equity in both the agricultural and buildings divisions, the Company has paid consideration of £ 333,333 to increase its equity by an additional 8% of the Business and acquire an historic shareholder loan from the exiting shareholder which will in due course be converted into equity.
Kwikbuild designs, manufactures and supplies prefabricated buildings to the African market place. Delivering a range of solutions such as houses, workers camps, offices, classrooms, and clinics the Kwikbuild prefabricated building system allows buildings to be operational within a few days of arriving on site.
David Lenigas Executive Chairman at Lonrho commented:
"Following on from the strong 2009 results from Lonrho plc, the Company announced that it intends to increase its equity position in both the buildings and agricultural divisions. The increase in our holding in Kwikbuild Corporation is a part of this process"
Enquiries
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Lonrho Plc |
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David Lenigas, Executive Chairman |
+44 (0)20 7016 5105 |
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Geoffrey White, Chief Executive Officer |
+44 (0)20 7016 5105 |
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Emma Priestley, Executive Director |
+44 (0)20 7016 5105 |
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David Armstrong, Finance Director |
+44 (0)20 7016 5105 |
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Pelham PR |
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Charles Vivian |
+44 (0) 20 7337 1538 |
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+44 (0) 7977 297903 |
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James MacFarlane |
+44 (0) 20 7337 1527 |
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+44 (0) 7841 672831 |
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Beaumont Cornish Limited (Nomad) |
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Rosalind Hill Abrahams |
+44 (0) 20 7628 3396 |
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Roland Cornish |
+44 (0) 20 7628 3396 |
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