| Mon 21 Dec 2009, 15:01 | | LAF - Lonrho - Lonrho Increases It`s Holding In Kwikbuild Corporation To 70% |
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LAF
LOLAF
LAF - Lonrho - Lonrho Increases It`s Holding In Kwikbuild Corporation To 70%
LONRHO PLC
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho" or "the Company")
Lonrho increases it`s holding in Kwikbuild Corporation to 70%
21 December 2009
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 GBP 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
Lonrho Plc
David Lenigas, Executive Chairman +44 (0)20 7016 5105
Geoffrey White, Chief Executive Officer +44 (0)20 7016 5105
Emma Priestley, Executive Director +44 (0)20 7016 5105
David Armstrong, Finance Director +44 (0)20 7016 5105
Pelham PR
Charles Vivian +44 (0) 20 7337 1538
+44 (0) 7977 297903
James MacFarlane +44 (0) 20 7337 1527
+44 (0) 7841 672831
Beaumont Cornish Limited (Nomad)
Rosalind Hill Abrahams +44 (0) 20 7628 3396
Roland Cornish +44 (0) 20 7628 3396
South African Sponsor
Java Capital (Proprietary) Limited
Date: 21/12/2009 15:01:06 Produced by the JSE SENS Department.
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