LONDON, May 18, 2011 /PRNewswire-FirstCall/ -- Lonrho is
pleased to announce that it has entered into a heads of terms to
acquire a 51% equity interest in seafood wholesaler Fish On Line
for ZAR 3.5 million (GBP0.3 million) in cash.
Fish On Line is based in Cape Town,
South Africa, and operates bulk cold storage and fish
processing facilities. The company operates as a wholesaler of
quality seafood and imports and exports a wide range of seafood to
and from markets globally. Products handled by Fish On Line
include: Prawns, Salmon, Pangasius, Hake and Kingklip. Unaudited
turnover for the year ended 28 February
2011 was ZAR 66 million
(GBP5.8 million).
The parties expect to enter into a definitive share purchase
agreement, which will also include a formula for the acquisition of
the remaining 49% of the company, within the next few weeks.
Following completion, Lonrho will provide working capital for the
company to expand its existing operations and broaden its product
range.
David Lenigas, Lonrho's Executive Chairman, commented:
"The acquisition of Fish On Line strengthens Lonrho's
participation in the seafood sector and delivers beneficial
synergies with Lonrho's Oceanfresh, which is seeing a strong demand
for its sustainably sourced, wild caught fish range from retailers
globally."
Enquiries:
Lonrho Plc
Geoffrey White, Chief Executive
+44(0)20-7016-5105
Pelham Bell Pottinger
James MacFarlane
+44(0)20-7861-3232
SOURCE Lonrho Plc