LONRHO AFRICA PLC ("Lonrho Africa") - DISPOSAL OF GHANAIAN HOTEL OPERATIONS
LONRHO AFRICA PLC ("Lonrho Africa"
Registration number: 2805337 UK
JSE Code: LAF
ISIN number: GB0002568813
DISPOSAL OF GHANAIAN HOTEL OPERATIONS
Lonrho Africa Plc announces that it has completed the disposal of the Group"s
55% interest in Hotel Investments (Ghana) Limited ("HIG") for a cash
consideration of US$5.40 million.
HIG is the owner of the Labadi Beach Hotel in Ghana, which produced a pre-tax
profit of GBP39,000 in the year to 30 September 2003. At that date, the net
asset value of the Ghanaian hotel operations was approximately GBP2.6 million.
The proceeds of sale will be used to reduce Lonrho Africa"s net debt, which
amounted to GBP3.2 million at 30 September 2003.
28 April 2004
Sponsor
HSBC
Date: 28/04/2004 03:00:02 PM Produced by the JSE SENS Department
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