LAF - Lonrho - Lonrho Plans To Develop New Airline
LAF
LOLAF
LAF - Lonrho - Lonrho Plans To Develop New Airline In Angola
Lonrho Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho" or "the Company")
LONRHO PLANS TO DEVELOP NEW AIRLINE IN ANGOLA
Lonrho (AIM: LONR) has signed an exclusive Memorandum of Understanding
("MOU") with Sociedade De Gestate E Participacoes Financieras SARL
("GEFI"), one of the largest internal investment companies in Angola.
Lonrho plans to develop a new airline in Angola for the passenger, freight,
leasing and charter markets with GEFI, through their wholly owned
subsidiary Planar, an aircraft operating agency, that currently owns
warehousing and office facilities at Luanda airport. GEFI also owns further
facilities throughout the country, including the required flight
permissions and licences to operate the new airline.
Lonrho`s exposure within the aviation sector puts it in a strong position
to manage the new airline. Subsidiaries include the Budget airline Fly 540
operating in East Africa and Norse Air, an aviation logistics company
operating across a number of countries.
The MOU provides a three month exclusive period for the parties to review
the opportunities in the Angolan aviation market and structure and commence
the development of the new airline.
DAVID LENIGAS, CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF LONRHO, COMMENTED:
"Today`s announcement is another example of Lonrho`s strategy of investing
into African infrastructure. The MOU with GEFI should allow Lonrho to
develop a new airline to support Angola`s strong economy, which is being
aided by accelerated growth from oil and diamond revenues.
By partnering with GEFI, and its established infrastructure, we envisage
that Lonrho will utilise its expertise and build on its aviation network.
We believe that the new airline can rapidly become a significant part of an
expanding domestic market in Angola and a buoyant natural resources market
across Africa.
Finally, Lonrho believes that good aviation services provide one of the
fundamental legs of the infrastructure that Africa requires to grow."
19 June 2007
South African sponsor to Lonrho Plc
Java Capital (Proprietary) Limited
Date: 19/06/2007 12:19:39 Produced by the JSE SENS Department.
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