Lonrho Regulatory News (LONR)

21 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"

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