New Airline Development
June 19 2007 - 5:00AM
UK Regulatory
RNS Number:5866Y
Lonrho PLC
19 June 2007
19 June 2007
LONRHO PLC
("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."
For further information, please contact:
Lonrho Plc +44 (0) 20 7016 5105
David Lenigas, Chief Executive +44 (0)7881 825 378
Emma Priestley, Executive Director +44 (0)7867 785 177
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297 903
Alisdair Haythornthwaite +44 (0) 20 7743 6676
+44 (0) 771 472 1379
Collins Stewart
Simon Atkinson +44 (0) 20 7523 8306
About GEFI:
GEFI is one of the largest internal investment company's in Angola, with
successful joint ventures in more than forty companies in the industrial,
services and financial sectors including CUCA (Angola's largest brewery), Port
operations with Maersk and in the financial sector with Banco Sol.
About Lonrho:
Lonrho Plc is an expanding conglomerate that is rapidly growing a successful
business throughout Africa. The Company is listed on the London AIM stock
exchange (LONR). Lonrho is strategically focused on the development of business
opportunities in infrastructure, transportation, support services and natural
resources. The Company has over 20,000 shareholders and substantial
institutional backing to support its mandate to build a profitable business that
plays a fundamental role in the development of the African economy.
Since 2006, the Company has invested in or acquired control of:
Hotel Cardoso - www.hotelcardoso.co.mz (retained)
Nare Diamonds - www.narediamonds.com
Brinkley Mining - www.brinkley-mining.com
Luba Freeport - www.lubafreeport.com
Fly540 - www.fly540.com
Norse Air - www.norseair.co.za
Swissta Holdings - www.swissta.com
Countermine plc - www.countermine.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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