Published by the government of Zimbabwe
24 June 2008
Harare — LONZIM Plc said it would launch its Pan-African airline, Fly540, in Zimbabwe within the next twenty-four months.
The company said it has allocated a budget of US$3,3 million payable out of its cash resources to establish the airline in Zimba-bwe and buy the initial aircraft for its fleet.
The airline will deploy a mixed fleet of turbo prop and jet aircraft to assist with the development of the Harare hub over the course of the next 24 months, LonZim said. Fly540 Zimbabwe will operate as part of the Fly540 Africa network and offer domestic and regional "low cost" air travel to existing and new target markets, LonZim said. Fly540 is already in other African countries like Uganda and Kenya, where it was launched in November 2006. Lonrho paid US$1,5 million for a 49 percent stake in the airliner whose objective is providing an "alternative, value for money" airline network, which would meet any growing domestic travel demand. The group said it remains strategically focused on the development of business opportunities in infrastructure, transportation, support services and natural resources.
Since 2006 the Lonrho group has invested in or acquired control of Hotel Cardoso, Lonrho Mining, Luba Freeport, Fly540, Norse Air, Swissta Holdings, Independent Liner Services, Bytes and Pieces and Kwikbuild among others LonZim said it would remain a long-term active investment company, building a portfolio of investments primarily in Zimbabwe, which may benefit from any improvement of the Zimbabwean economy over the longer term.
"Investments will also be made with business outside Zimbabwe with operations within Zimbabwe particularly in the Beira Corridor, which links Zimbabwe to the coast.
"The company will target investments, which may benefit from a significant improvement in the Zimbabwean economy, with a focus on sectors with a potential for rapid recovery," LonZim said.
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