Acquisition

RNS Number : 5538L

LonZim PLC

13 January 2009

 



13th January 2009

LonZim Plc

 LonZim acquires property in Harare from Kingdom Bank

LonZim Plc ('LonZim') which has been established for the principal purpose of making investments in Zimbabwe and the Beira corridor in Mozambique, today announces that it has entered an agreement to acquire 100 per cent. of the issued shares in Medalspot (Private) Limited ('Medalspot') from Kingdom Bank Limited a Zimbabwean commercial bank.  Medalspot holds the title to the property currently occupied by the security printing division of Celsys Limited, a Zimbabwe listed company in which LonZim owns a 60 per cent. stake.  Medalspot holds no assets other than the property and has never traded.

The entire issued share capital of Medalspot has been acquired at a price of US$950,000 and the current independent market valuation of the property is US$1,536,000.  LonZim has funded this purchase out of its cash resources.  The property, situated in Harare, comprises two combined industrial stands of 6,600 m2 with a total of 2,650 m2 of offices and factory space.

David Lenigas, Executive Chairman of LonZim Plc commented:

'The acquisition of Medalspot is strategically important, as it enables us to secure permanent industrial accommodation for Celsys Print with sufficient room for the expansion that we anticipate in the years ahead. This further adds to our increasing portfolio of quality properties in Zimbabwe.'

ENQUIRIES

LonZim Plc	[phone]
David Lenigas, Executive Chairman	[phone]
Geoffrey White, Chief Executive Officer	[phone]
Emma Priestley, Executive Director	[phone]
Pelham Public Relations
Charles Vivian	[phone] [phone]
James MacFarlane	[phone] [phone]
Collins Stewart Europe: NOMAD
Helen Goldsmith	[phone]

NOTES TO EDITORS

About LONZIM:

LonZim Plc ('LonZim') is a company focused on developing and acquiring business opportunities primarily in Zimbabwe and the region of Mozambique known as the Beira Corridor, which links Zimbabwe to the coast. LonZim was listed on the AIM market of the London Stock Exchange on 11th December 2007 after raising £29.16 million. LonZim is 20 per cent. owned and managed by Lonrho Plc (AIM: LONR) a company strategically focused on the development of business opportunities in infrastructure, transportation, support services and natural resources throughout Africa.

 

END

 

 

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