Lonrho Africa - Disposal of Lonrho Hotels Kenya BV
Lonrho Africa - Disposal of Lonrho Hotels Kenya BV
Lonrho Africa Plc
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
(`Lonrho Africa` or `the Company`)
Disposal of Lonrho Hotels Kenya BV
Lonrho Africa Plc (`Lonrho Africa`) is today pleased to announce that it has
completed the disposal of the Group`s 100 per cent. interest in Lonrho Hotels
Kenya BV (`LHKBV`) to a subsidiary of Kingdom Hotels Investments (`KHI`) for a
cash consideration of GBP17.05 million, of which GBP15.95 million will be
payable on completion and the balance over the next 18 months subject to any
necessary adjustments for warranty claims and working capital.
LHKBV is the owner of Lonrho Hotels Kenya Limited (`LHK`) in Kenya, which owns
The Norfolk Hotel, The Mara Safari Club, 75 per cent. of the Mount Kenya Safari
Club, and 59.67 per cent. of The Aberdare Country Club and The Ark.
LHK made a pre-tax profit of GBP0.2 million in the year ended 30 September 2004
and at that date, the net asset value of LHK was approximately GBP12.3 million.
The net proceeds of sale will result in the Group`s cash surplus increasing to
approximately GBP19 million. The Board of Lonrho Africa continues to follow its
strategy of disposing of its residual businesses and assets in Africa, including
its interest in the Hotel Cardoso SARL in Mozambique. It is the Board`s current
intention to return the majority of the cash surplus resulting from its disposal
programme to shareholders, whilst evaluating further opportunities to maximise
shareholder value.
KHI is based in Riyadh, Saudi Arabia and is a Hospitality Investment Private
Company sponsored by HRH Prince Alwaleed bin Talal bin Abdulaziz Al Saud.
-Ends-
12 May 2005
For further information, please contact:
Nadja Vetter / Emma Consett T: 020 7930 0777
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
