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13 Jan 2009 12:54
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
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LonZim Plc |
+44 (0)20 7016 5105 |
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David Lenigas, Executive Chairman |
+44 (0)7881 825 378 |
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Geoffrey White, Chief Executive Officer |
+44 (0)7717 307 308 |
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Emma Priestley, Executive Director |
+44 (0)7867 785 177 |
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Pelham Public Relations |
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Charles Vivian |
+44 (0) 20 7743 6672 +44 (0) 7977 297903 |
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James MacFarlane |
+44 (0) 20 7743 6375 +44 (0) 7841 672831 |
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Collins Stewart Europe: NOMAD |
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Helen Goldsmith |
+44 (0) 20 7523 8350 |
NOTES TO EDITORSAbout 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.
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